A Senate Banking Committee vote on marijuana banking reform that, if approved, would see the proposal go before the Senate for review is expected to be announced in the coming days.
Chairman of the committee Sherrod Brown (Democrat-Ohio) told Punchbowl News this week that he hopes to announce the scheduling of a vote on the Secure and Fair Enforcement (SAFE) Banking Act “in the next few days.”
He aims to hold the vote before the current work session ends on October 6.
A Committee spokesperson told Marijuana Moment that the vote would not be held next week, as had been speculated by analysts.
The SAFE Banking Act would remove penalties for banks and financial institutions who chose to provide services to legitimate cannabis-related businesses, improving access to capital for these businesses.
According to Chairman Brown, there are still “some differences” members of the committee have over the bill.
“There are still some outlying issues, minor ones, but we hope to get people onboard and get a strong vote,” he told Punchbowl News.
Optimism around the bill has been a tailwind for cannabis stocks along with marijuana rescheduling hopes, with Canopy Growth Corporation (TSX:WEED, NYSE:CGC) adding 14.6% and Aurora Cannabis Inc (TSX:ACB, NASDAQ:ACB) up 8.7% shortly before noon on Thursday.
Green Thumb Industries Inc. (CSE:GTII, OTCQX:GTBIF) had gained 5%, Trulieve Cannabis Corp. (CSE:TRUL) 4.3%, TerrAscend Corp. (CSE:TER, OTCQX:TRSSF) 4.1%, Cresco Labs Inc. (CSE:CL, OTCQX:CRLBF) 3.9%, Cronos Group Inc (NASDAQ:CRON, TSX:CRON) 2%, and Jushi Holdings Inc (CSE:JUSH, OTCQX:JUSHF) 1.7%.
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