The Briefing Room
General Category => Economy/Business => Topic started by: catfish1957 on April 20, 2021, 12:33:09 pm
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https://www.marketwatch.com/story/cannabis-stocks-rally-premarket-after-house-passes-safe-banking-act-2021-04-20?mod=mw_latestnews (https://www.marketwatch.com/story/cannabis-stocks-rally-premarket-after-house-passes-safe-banking-act-2021-04-20?mod=mw_latestnews)
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Cannabis stocks rallied across the board in premarket trade Tuesday, with the Cannabis, after theHouse voted 321 to 101 in favor of a bill that would protect banks that do business with companies in states that have legalized the plant for medicinal or recreational purposes from federal enforcement action. The so-called SAFE Banking Act -- SAFE stands for Secure and Fair Enforcement -- aims to open up the federally insured banking system to cannabis companies, that have been starved of capital and forced to do much of their business in cash. The bill would exempt cannabis business transactions from being considered proceeds from illegal activity and subject to anti-money-laundering laws. It would also prohibit banking regulators from asking banks to terminate a customer account unless there was a valid reason aside from reputation risk.
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Today's 420 article is dedicated to Corbe, and provides another example of how our society is rapidly moving toward toleration of cannabis use as another mainstream vice. There is a lot of varying opinion of the merits of whether this is a good thing or not, but I'll venture this stuff will be pretty much fully legal for use within 10 years.
What congress did here, was a huge step in blending the cannabis industry into the financiall world.