Rep. Ed Perlmutter (D-Colo.) has attached the SAFE Banking Act, which would allow U.S. financial institutions to do business with legal cannabis entities, as an amendment to the America Competes Act.
Perlmutter made the announcement in a Tweet Friday afternoon.
"Cannabis-related businesses – big and small – are in desperate need of access to capital & the banking system in order to operate in an efficient, safe manner & compete in the growing global cannabis marketplace," Perlmutter wrote.
The SAFE Banking Act was approved by the House in September 2021. However, in December, it was stripped from part of a defense funding bill in the Senate.
Meanwhile, shares of several multi-state operators rose on the news. They include Trulieve TCNNF, Cresco Labs CRLBF, Green Thumb Industries GTBIF, Curaleaf CURLF, Verano Holdings VRNOF, Acreage Holdings ACRHF, and Jushi Holdings JUSHF.
Although even if the SAFE banking act is approved in the House this year, it's uncertain how it will fare in the Senate.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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