US House Passes SAFE Banking Act
In a landmark vote, U.S. House lawmakers approved the SAFE Banking Act overwhelmingly by a wide margin of 321-103. Many Republicans voted in favor of the bill known as the Secure And Fair Enforcement, or SAFE Banking Act. Next up will be a vote in the Senate. From there, it just has to go to the President’s desk to be signed into law.
The SAFE Banking Act is designed to make it easier for banks in the US to deal with and finance marijuana companies. While the vote may be a watershed moment for the industry, it still needs to pass in the Senate.
After rebounding Wednesday following the news, both the US Marijuana Index and Canadian Marijuana Index were lower Thursday. Weed stocks continue to decline since peaking in March of this year. We wrote about the SAFE Banking Act and the state of the cannabis sector in Can Cannabis Edibles Lead The Sector’s Recovery?
The Canadian Marijuana Index closed at just 328 Thursday – its lowest level since November of 2017. Perhaps if the Senate votes to approve the bill marijuana stocks will finally stop the bleeding.