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House Passes Marijuana Banking Bill With Bipartisan Support
https://www.bloomberg.com/news/articles/2021-04-19/house-passes-marijuana-banking-bill-with-bipartisan-support
Sleek
Ahhhh so the restricted shares would move to the float. Makes sense.
At one point, there was 270k on the ask which started this brutal turn south with little to no support.
U.S. House Approves Marijuana Banking Bill For Fourth Time, Setting Up Senate Consideration
I agree with the final 2 paragraphs in this article:
The vote marks the fourth time the House has approved the Secure and Fair Enforcement (SAFE) Banking Act. Lawmakers passed it as a standalone bill in 2019 and then twice more as part of coronavirus relief legislation. At no point did the measure move forward in the Senate under Republican control last session, however.
But this time around, advocates and industry stakeholders are feeling confident that the bill’s path will not end in the House. With Democrats now in control of both chambers and the White House, there are high expectations that the proposal will make its way through the Senate and onto the president’s desk.
https://www.marijuanamoment.net/u-s-house-debates-marijuana-banking-bill-with-final-vote-set-for-this-evening/
This entire article is a must read, great job Kyle!
Sleek
In terms of the sector thus far in 2021, I felt the rally earlier this year was a bit premature and something that was completely unprecedented — a sector rally with a few days of mania on mere talk of something happening
All prior cannabis manias have been based on actual events
In 2016, we saw a very similar situation with a strong rally early in the year, and then the sector fell apart, and then the manic event catalyst got closer and we had a full fledged multi-month cannabis mania before the actual event — California, Massachusetts, Nevada and Maine voting to legalize Rec MJ, 4 additional states voting to legalize Med MJ, and Clinton presumedly winning the election with her stated intention to Legalize MJ by moving it to Schedule II
In 2014, the mania was also based on an actual event — Colorado launching sales of Rec MJ
Canada’s mania in Nov/Dec 2017 was also based on an actual event — Constellation Brands taking a 10% stake in Canopy Growth)
The 1-2 week mania infamously ended by Sessions’ rescission of the Cole Memo in late Dec 2017/early Jan 2018 in America was also based on an actual event — California launching sales of Rec MJ
We all know what the manic catalysts are in 2021:
Legalization of Cannabis Banking
Legalization of CBD Products (Hemp-derived)
Legalization of MJ
It’s going to be Chuck’s show from here
Will he get it done for us in 2021?
As I’ve stated repeatedly, I think Cannabis (MJ & Hemp/CBD) Banking — The 2021 SAFE Banking Act — is the most likely catalyst of them all
I also believe that CBD Legalization could wind up being attached to The 2021 SAFE Banking Act, but we will need to see that bill filed in the Senate before that can happen
Will Mitch file that bill?
Will Rand Paul?
MJ remains illegal in Kentucky, so Hemp & CBD is the entire game there
That’s also the capital of the American Hemp industry
So those are the 2 guys most likely to push hard for that to happen, but there are other hemp-loving Senators in both parties, so it’s a real bipartisan issue
ValidCare hasn’t published their results in a medical journal yet, but they have already publicly stated that there are zero issues with CBD and the liver — literally none
So the liver safety question is finally resolved and politicians no longer have that question hanging over their heads
If The SAFE Banking Act is a 70/30 proposition, I think CBD Legalization is a 60/40 proposition
In terms of MJ Legalization, it may still be too early, but that will depend on the exact content of Chuck’s Bill
If it doesn’t mandate that states legalize and it’s just a descheduling and state-legalization permissions bill like The STATES Act, then it has a better chance of passing in 2021 than something like The MORE Act
I don’t think The MORE Act will pass this Senate in 2021 unless they can get rid of the filibuster
Something like The MORE Act seems more like a 2022 event to me
But The STATES Act would be a 50/50 proposition in 2021 if there is strong bipartisan support in the Senate for The 2021 SAFE Banking Act
The next few months are going to tell the story here
Sleek
The info available right now is from 4/9/21 and float remains unchanged
https://www.otcmarkets.com/stock/BLEG/security
When the next update hits, we will have another data point
All cannabis stocks move with the sector, and the fact of the matter is that the entire cannabis sector has been moving down since the peak in mid-February
So I think that’s the best explanation for the selling we’ve seen in every cannabis stock during this timeframe
The identity of anybody selling shares in any particular stock, whether it’s retail and non-dilutive or dilutive financing, is a matter of speculation
The actual data is the only valid way to know for sure one way or the other
So the next update on share structure should provide a definitive answer
Sleek
Sleek, you think the recent ask pressure on BLEG is restricted shares being released?
California CBD Legalization in Foods/Beverages/Supplements Bill moving now thru its legislature
Same with Massachusetts CBD Legalization Bill
Nice to see Washington getting on board the CBD Product Legalization train, too
Though hemp cultivation is legal in all 50 states, CBD Foods/Beverages/Supplements remain illegal in far too many states
California is obviously the biggest fish, but MA and WA are important states as well
The bottom line is that the more individual states have legalized CBD in Foods/Beverages/Supplements, the easier it will be to pass HR 841, the CBD Legalization Bill which would federally legalize CBD products and open up a national CBD Product industry for the very first time, so all these products can be carried in all the big chain stores and advertising CBD Products would finally be legal — you really can’t develop a federally illegal industry that does not allow products to be sold on Amazon, Walmart, Whole Foods or allow any advertising
And what’s the point of legalizing Banking for the Hemp & CBD industry (which The 2021 SAFE Banking Act would do) if the products themselves remain federally illegal?
The 2021 SAFE Banking Act remains the most sensible legislative vehicle for CBD Legalization
Obviously Chuck’s MJ Legalization Bill would be a sensible one to attach CBD Legalization, too
Thanks for keeping us updated, Jonathan:
Major Progress in CA & MA and New Bills in IL, ND, OR & WA
https://hempsupporter.com/news/major-progress-in-ca-ma-and-new-bills-in-il-nd-or-wa
Have a nice weekend all,
Sleek
Senate SAFE Banking now has 32 cosponsors
https://www.congress.gov/bill/117th-congress/senate-bill/910/cosponsors?q={%22search%22:[%22Banking%22]}&r=22&s=2&searchResultViewType=expanded
Sleek
2 New Cosponsors in April for CBD Legalization
Nice bipartisan support, too
https://www.congress.gov/bill/117th-congress/house-bill/841/cosponsors?searchResultViewType=expanded
Sleek
Biden’s Already On Board With Federal Marijuana Legalization Even If He Doesn’t Use That Word, Booker Says
This sound good to me
But it’s really going to come down to how many Republicans in the Senate will vote for it and if 60 votes aren’t there, whether or not Dems will be able to go around the filibuster
https://www.marijuanamoment.net/bidens-already-on-board-with-federal-marijuana-legalization-even-if-he-doesnt-use-that-word-booker-says/
Sleek
Marijuana Banking Bill Expected To Get A House Floor Vote Next Week, Sponsor’s Office Says
SAFE Banking Act of 2021 is being voted on the week of 4/20
Looks like it will skip committees and move directly to the House floor this time
This timing is not a coincidence
Now it’s more likely Chuck will announce his MJ Legalization Bill next week as well to coincide with the media attention surrounding 4/20 and the passage of SAFE Banking thru the House
If so, it may be cheesy but it’s a smart move politically
Let’s see if this Congress can finally get the job done
All eyes will move to the Senate after this passes
https://www.marijuanamoment.net/marijuana-banking-bill-expected-to-get-a-house-floor-vote-next-week-sponsors-office-says/
Sleek
We are now ahead of this schedule I laid out 1 week ago
Looks like SAFE Banking Act will now be voted on in House next week, so “1-2 weeks” would have been more accurate than “1-2 months”
See next few posts for details, along with new info on Chuck’s new MJ Legalization bill, which is sounding more and more like The STATES Act, which Biden actually supports
The STATES Act has a significantly better chance of passing than other legalization/decriminalization bills that have been discussed — it would remove MJ entirely from The Schedule of Controlled Substances and allow states to legalize MJ without mandating them to do so — actually not very different from what we’ve seen with Hemp Legalization, where states don’t have to legalize hemp if they don’t want to do so (all 50 states have now legalized hemp)
Schumer Says Federal Marijuana Legalization Bill Will Hit Senate Floor ‘Soon’
https://www.marijuanamoment.net/schumer-says-federal-marijuana-legalization-bill-will-hit-senate-floor-soon/
Sleek
Cannabis Chuck is at it again
Show us your cards, Chuck...
Unveiling his MJ Legalization Bill on 4/20 would be pretty cheesy, so now the question of the moment has become — is Cannabis Chuck a cheesy guy?
Sleek
6 Committees for a single bill sounds like overkill, but apparently that’s how they roll in Minnesota
Not sure how to handicap the prospects of passage this year, but I did have CT listed as more probable than MN on a list I made earlier this year, and I still think CT is more likely to pass due to the political makeup of its legislature coupled with the fact that NY and NJ just legalized adult use MJ in 2021, though it’s possible CT may run out of time in their legislative season before enacting Rec MJ legalization this year
In the end, it’s the federal bills that really count, and The SAFE Banking Act is still the strongest contender in the cannabis sector
While we wait for the House to pass The 2021 SAFE Banking Act, for Chuck to announce his MJ Legalization Bill, for the Senate to move SAFE Banking thru the Senate Banking Committee for the first time, for FDA to get off its rear end and announce its Enforcement Discretion Policy for CBD Products, and for Miller’s celebrated CBD Legalization Bill to see action in the House and/or be introduced in the Senate, this MJ Legalization Bill in Minnesota is still worth keeping an eye on:
Sixth Minnesota House Committee Approves Marijuana Legalization Bill On Its Path To The Floor
https://www.marijuanamoment.net/sixth-minnesota-house-committee-approves-marijuana-legalization-bill-on-its-path-to-the-floor/
Sleek
Biden’s Pick To Lead DEA Voiced Openness To State Medical Marijuana Program
https://www.marijuanamoment.net/bidens-pick-to-lead-dea-voiced-openness-to-state-medical-marijuana-program/
Sleek
Minnesota Marijuana Legalization Bill Sails Through Fifth Committee, With Floor Vote Expected Next Month
https://www.marijuanamoment.net/minnesota-marijuana-legalization-bill-sails-through-fifth-committee-with-floor-vote-expected-next-month/
Sleek
all my Mj's are red today! good day to add to your favs
Regards
Schumer continues to talk about his upcoming MJ Legalization Bill
We might see something closer to the STATES Act than the MORE Act
Getting 60 votes for legislation resembling The STATES Act in the Senate seems more plausible at this juncture, so that could be a wise move
https://nypost.com/2021/04/03/schumer-vows-senate-vote-to-legalize-weed-nationwide-despite-white-house-doubts/
https://www.usatoday.com/story/news/politics/2021/04/05/marijuana-legalization-schumer-move-bill-even-if-biden-isnt/7088824002/
Sleek
Idaho lawmakers agree to allow hemp cultivation, marking 50th state
It’s about time, Idaho
All 50 states is quite a milestone for the American hemp industry in America
It represents the true bipartisan nature of Hemp & Hemp-CBD
Now that we have definitive data on liver safety for OTC CBD Products from the ValidCare trial, which appears to be the last widely commented upon stumbling block for federal legislation/regulation/enforcement discretion of hemp-derived CBD Products, the onus is really on Congress to open up this federally legal industry
Hemp/CBD Banking and CBD Isolate Products are the lowest hanging fruit and the 1st two areas where we are most likely to see legislation, regulation and enforcement discretion happen in 2021
https://hempindustrydaily.com/idaho-lawmakers-agree-to-allow-hemp-cultivation-marking-50th-state/
Sleek
April Recap of SAFE Banking and CBD Legalization
The order of events I’m looking for in terms of The 2021 SAFE Banking Act moving thru Congress:
1) House Passage — many believe this will occur within next 1-2 months
2) Introduction and consideration in the Senate Banking Committee — probably needs to pass House first
3) Senate Floor vote as standalone legislation or part of larger bill like infrastructure
So far this year, the probable MJ events like NY passing MJ, which I pegged as having a 70% probability, have occurred
Federal cannabis legislation is obviously a trickier proposition, but with Chuck in charge and his own state now positioned to greatly benefit from legalizing cannabis banking, along with the bipartisan support for The SAFE Banking Act of 2021 in the Senate at both the committee level (Toomey) and in the greater Senate, I would put the odds of SAFE Banking passage in 2021 at 65%
With introduction, consideration and passage thru the Senate Banking Committee, which has never happened before, that number moves to 70%-75%
Current number of Republican cosponsors is 7:
https://www.congress.gov/bill/117th-congress/senate-bill/910/cosponsors?q={%22search%22:[%22Cannabis+banking%22]}&s=2&r=2&overview=closed&searchResultViewType=expanded
If Republican cosponsors move to 9 or higher, any floor vote for passage becomes an 80%+ event
In terms of the prospects for CBD Legalization and FDA publishing its policy of Enforcement Discretion for CBD Products, the Validcare data for liver safety looks great, so the next step there is sharing the results with FDA and publishing the study in a medical journal, which is anticipated to happen sometime this Spring
From March 22nd ValidCare PR on Liver Safety Study:
https://validcare.com/press/validcares-clinical-study-reports-preliminary-results-of-cbd-liver-safety/
Congressional leadership asked ValidCare almost 18 months ago to engage industry help collect safety data for FDA. We understand the significance, importance and immediate need for CBD safety research for the FDA, industry and the US consumer. This first of its kind, industry led, multi-branded study required trust, collaboration, operational excellence, innovation, and resilience. It demonstrates the incredible potential for decentralized clinical research to increase participant access and accelerate results – even during the most challenging times” said Patrick McCarthy, CEO of Validcare. “We are excited for our principal investigators to continue, expand and report out on this foundational work in the next few months. Once completed, safety results of this study will be shared with participating brands and FDA. The investigators also plan to publish in a peer reviewed journal.”
Sleek
Cannabis Banking: The SAFE Banking Act 2.0's Status, Key Modifications, and Prospects
Really nice topographical overview of SAFE Banking Act of 2021, including a description of one of the two key changes to 2021 SAFE Banking being the explicit inclusion of Hemp/CBD Banking:
Key Modifications
Both the House and Senate bills contain important modifications from the original legislation in the prior Congress, including changes to the protections related to hemp businesses and the definition of “financial services”:
Hemp-related Business Protections: The 2019 version directed the federal banking regulators to issue guidance “confirming the legality of hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products, and the legality of engaging in financial services with businesses selling hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products.” It also applied the various protections to “hemp (including hemp-derived cannabidiol and other hemp-derived cannabinoid products) in the same manner as such provisions apply to cannabis. The 2021 version directs the federal banking regulators to update their existing hemp banking guidance (rather than comment on the legality of hemp-derived CBD or other hemp-derived cannabinoid products) to advise depository institutions on their Bank Secrecy Act and other federal obligations. It also applies the various protections to covered financial services providers who provide covered financial services to “hemp-related legitimate businesses” and service providers of such businesses.
https://www.jdsupra.com/legalnews/cannabis-banking-the-safe-banking-act-2-1245297/
Sleek
Why The Cannabis Industry Needs Congress To Pass the SAFE Banking Act
https://www.benzinga.com/markets/cannabis/21/04/20448253/why-the-cannabis-industry-needs-congress-to-pass-the-safe-banking-act
Sleek
Why New York banks and credit unions may be reluctant to work with marijuana companies
Though Schumer’s home state has now legalized Rec MJ, the New York MJ industry is still handcuffed by the fact that banking cannabis businesses remains illegal
SAFE Banking Act is the obvious solution:
https://www.bizjournals.com/albany/news/2021/04/08/ny-marijuana-legal-banks-and-credits.html
Sleek
Texas Lawmakers Tackle Marijuana Decriminalization, Medical Cannabis And Hemp In Committee Hearings
https://www.marijuanamoment.net/texas-lawmakers-tackle-marijuana-decriminalization-medical-cannabis-and-hemp-in-committee-hearings/
Sleek
Report: PepsiCo launches hemp beverage in Germany
https://www.just-drinks.com/news/pepsico-unveils-rockstar-energy-hemp-in-germany_id133197.aspx
Sleek
Will Connecticut be the next NE state after NJ and NY?
Maybe
Connecticut Lawmakers Approve Governor’s Marijuana Legalization Bill In Committee
https://www.marijuanamoment.net/connecticut-lawmakers-approve-governors-marijuana-legalization-bill-in-committee/
Sleek
So far in 2021 we have 3 new states — VA, NY and NM — that have passed Rec MJ Legalization thru their respective legislatures
Here’s the latest on NM:
New Mexico Takes First Step On Marijuana Implementation Before Governor Even Signs Legalization Bill
https://www.marijuanamoment.net/new-mexico-takes-first-step-on-marijuana-implementation-before-governor-even-signs-legalization-bill/
Sleek
Nice to see Committee Chairs communicating directly to Garland and Vilsack about clearing up the uncertainty around exceeding .3% THC in in-process hemp extracts
It really helps to have cannabis-friendly Dems running the DOJ and USDA now
The DEA is really going to be neutered under this administration when it comes to interfering with state-legal MJ and the national Hemp industry
DEA’s Proposed Hemp Rules Are Contrary To Intent Of Congress, Committee Chairs Say
https://www.marijuanamoment.net/deas-proposed-hemp-rules-are-contrary-to-intent-of-congress-committee-chairs-say/
Sleek
Cannabis Banking looks like the strongest cannabis-related bill out there right now
Nearly have enough Repubs already signed on as cosponsors to pass it right now
As standalone legislation, 60 votes is all it takes to hit the floor with the filibuster in place
It’s also just not very controversial anymore
Sleek
More Victories and Delta-8 Bills, too
https://hempsupporter.com/news/more-victories-and-delta-8-bills-too
Sleek
Bipartisan State Attorneys General Urge Congress To Pass Marijuana Banking Bill
https://www.marijuanamoment.net/bipartisan-state-attorneys-general-urge-congress-to-pass-marijuana-banking-bill/
Sleek
Schumer Says Bill To Legalize Marijuana Federally Will Be Filed ‘Shortly’
Go get ‘em Chuck:
https://www.marijuanamoment.net/schumer-says-bill-to-legalize-marijuana-federally-will-be-filed-shortly/
Sleek
New York Governor Signs Marijuana Legalization Bill, Hours After Lawmakers Put It On His Desk
https://www.marijuanamoment.net/new-york-governor-signs-marijuana-legalization-bill-hours-after-lawmakers-put-it-on-his-desk/
Sleek
New York Marijuana Legalization Bill Heads To Governor’s Desk
https://www.marijuanamoment.net/new-york-marijuana-legalization-bill-heads-to-governors-desk/
Sleek
New Senate Bill Would Triple THC Limit For Hemp And Address Other Industry Concerns
Thank you Rand Paul
https://www.marijuanamoment.net/new-senate-bill-would-triple-thc-limit-for-hemp-and-address-other-industry-concerns/
Sleek
New York Marijuana Legalization Bill Clears First Committee, With Floor Votes Expected This Afternoon
https://www.marijuanamoment.net/new-york-marijuana-legalization-bill-clears-first-committee-with-floor-votes-expected-this-afternoon/
Sleek
What’s happening with all those hemp bills?
https://hempsupporter.com/news/whats-happening-with-all-those-hemp-bills
Sleek
New York Marijuana Legalization Bill Is Officially Released, With Votes Planned Within Days
https://www.marijuanamoment.net/new-york-marijuana-legalization-bill-is-officially-released-with-votes-planned-within-days/
Sleek
New Mexico Lawmakers Will Take Up Marijuana Legalization Bill In Special Session On Tuesday, Governor Announces
If NM passes legalization, it would likely be the 3rd state in 2021 that legalized Rec MJ purely via legislature, joining Virginia and a state which looks increasingly likely to happen now, New York
https://www.marijuanamoment.net/new-mexico-lawmakers-will-take-up-marijuana-legalization-bill-in-special-session-on-tuesday-governor-announces/
Sleek
Mexican Senate Will Pass Marijuana Legalization Bill As Revised By Deputies, Top Lawmaker Says
Looks like we are now going to be fully sandwiched by 2 countries with federally legal MJ
It’s really time for America to get its sh&t together and federally legalize MJ
Just like with hemp, states that don’t want to legalize MJ will maintain the right to keep it illegal, but they won’t be allowed to block interstate transportation of MJ that crosses into their state
But given the enormous legislative task of legalizing MJ, it simply makes the most sense to break up the process into pieces, with the legalization of banking for all forms of cannabis, MJ & Hemp/CBD, coming first
And it also makes the most sense to federally legalize THC-free Hemp-derived CBD Products before federally legalizing THC-heavy MJ
So we continue to have the setup for Cannabis Banking Legalization and CBD Product (Hemp-derived) Legalization in 2021 — for the latter issue, the case has recently grown stronger now that we have definitive proof from the ValidCare study that CBD Products dosed at typical consumer levels do not harm the liver at all — thank you Patrick for putting that study together and announcing the results:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=162738376
MJ Legalization will also have a much better chance of passing the Senate if Banking has been legalized first — that will give some of the Republican Senators on the fence the financial push they need to vote for legalization
https://www.marijuanamoment.net/mexican-senate-will-pass-marijuana-legalization-bill-as-revised-by-deputies-top-lawmaker-says/
Sleek
Comparing Republican Senate Support For SAFE Banking 2019 vs 2021
Some red states on the more conservative side of the spectrum are contributing to an increased number of Republican Senators cosponsoring the 2021 version
Here are the states of the 5 Repub Senators who cosponsored SAFE Banking in 2019:
Colorado
Alaska (2)
Kentucky
North Dakota
https://www.congress.gov/bill/116th-congress/senate-bill/1200/cosponsors?q=%7B%22party%22%3A%22Republican%22%7D
Here are the states of the 7 Repub Senators who thus far have signed on as cosponsors of SAFE Banking in 2021 — 3 new states, which are all considered pretty conservative, are in bold:
Alaska (2)
Kentucky
Louisiana
Montana
North Dakota
Wyoming
https://www.congress.gov/bill/117th-congress/senate-bill/910/cosponsors?s=4&r=1&q=%7B%22search%22%3A%5B%22Cannabis%22%5D%2C%22party%22%3A%22Republican%22%7D
I think the additions of Louisiana, Montana and Wyoming on the first day of the bill’s filing are a pretty encouraging sign that there is now enough support in the Republican Party to move SAFE Banking thru the Senate in 2021
Will continue to monitor this metric moving forward
Only question left is whether this will move as standalone legislation or whether it needs a larger legislative vehicle like the upcoming infrastructure bill
Sleek
New York Lawmakers Reach Tentative Deal On Marijuana Legalization Bill, With Details Now Circulating
https://www.marijuanamoment.net/new-york-lawmakers-reach-tentative-deal-on-marijuana-legalization-bill-with-details-now-circulating/
Sleek
MJ Legalization
Democratic Senate Leaders Announce Steps To Federally Legalize Marijuana In 2021
https://www.marijuanamoment.net/democratic-senate-leaders-announce-steps-to-federally-legalize-marijuana-in-2021/
Top Senate Democrats: We’ll Legalize Marijuana
https://www.forbes.com/sites/chrisroberts/2021/02/01/top-senate-democrats-well-legalize-marijuana/?sh=444db8ba215e
Schumer Provides Some Specifics About His Upcoming Marijuana Bill
The videos are worth watching as well:
https://www.marijuanamoment.net/schumer-marijuana-bill-will-stop-big-alcohol-and-tobacco-from-dominating-market-he-says/
Sleek
CBD Legalization
“Hopeful to pass CBD Legalization in early 2021”
HR 8179 is 2020’s version of The CBD Dietary Supplement Legalization Bill
The 2021 version, HR 841, was filed on 2/4/21 and is virtually the same bill as HR 8179, so when Miller is saying that he is “hopeful to pass HR 8179 sometime in early 2021,” this means that he is hopeful to pass the Legalization of CBD Dietary Supplements (HR 841) sometime in “early 2021”
Miller also says he expects legislation to “Legalize CBD as a Food and Beverage Additive” in 2021
Watch him go on record here about CBD Legalization in Supplements, Food and Beverages — timestamped so just hit play:
Banking Legalization For MJ, Hemp & CBD
Here’s the bill that passed the House in the 2019-2020 Congress:
https://www.congress.gov/bill/116th-congress/house-bill/1595
In early February 2021, Democrats announced their intention to pass it into law in the new Congress:
Cannabis industry may finally move past cash as Democrats look to loosen banking restrictions
https://www.denverpost.com/2021/02/04/marijuana-banking-colorado-congress-cannabis-restrictions/
In late March 2021, The SAFE Banking Act of 2021 was introduced in the Senate with 6 Republican Co-Sponsors:
Banking Bill Reintroduced In Senate, With Nearly A Third Of The Chamber Signed On
https://www.marijuanamoment.net/marijuana-banking-bill-reintroduced-in-senate-with-nearly-a-third-of-the-chamber-signed-on/
The Senate version is being sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), and it currently has 27 other cosponsors.
Beside the chief sponsors, here’s who’s signed on to this latest version so far: Sens. Kyrsten Sinema (D-AZ), Ed Markey (D-MA), Alex Padilla (D-CA), Patrick Leahy (D-VT), Dick Durbin (D-IL), Ron Wyden (D-OR), Mazie Hirono (D-HI), Tina Smith (D-MN), Angus King (I-ME), Catherine Cortez Masto (D-NV), Michael Bennet (D-CO), Bob Menendez (D-NJ), Jon Tester (D-MT), Jacky Rosen (D-NV), Kevin Cramer (R-ND), Dan Sullivan (R-AK), Kirsten Gillibrand (D-NY), Elizabeth Warren (D-MA), Chris Murphy (D-CT), Gary Peters (D-MI), Bernie Sanders (I-VT), Brian Schatz (D-HI), Patty Murray (D-WA), Amy Klobuchar (D-MN), Rand Paul (R-KY), Bill Cassidy (R-LA) and Cynthia Lummis (R-WY).
— — —
The Outsized Importance of The SAFE Banking Act Of 2021
One of the big keys to the cannabis sector in 2021 is The SAFE Banking Act, which would open up banking for both MJ and Hemp/CBD
It’s also most likely the best legislative vehicle to which CBD Legalization (Hemp-derived CBD Products) can be attached:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=161621173
The SAFE Banking Act is an actual and tangible piece of legislation that is ready to move through the Senate in 2021
The reason why The SAFE Banking Act should be passed in 2021 is that it doesn’t make sense for Dems to try to legalize in 2022 without having passed the SAFE Banking Act first
There are a number of reasons why this approach — SAFE Banking in 2021 and MJ Legalization in 2022 — is the most rational
Here are the 2 most important ones from my perspective:
1) Passing the SAFE Banking Act in 2021 makes it more likely that MJ Legalization can attract enough votes in the Senate in 2022 to actually hit the floor — 60 votes are required with the filibuster in place
So if the goal is to pass MJ Legalization before the elections, then what can Dems do legislatively beforehand to increase the odds of being successful?
Passing the SAFE Banking Act in 2021 is the single biggest thing they can do, because once the financial side of things is opened up, investors will flood the sector with money and the momentum to legalize MJ in 2022 will reach an entirely different level — money will drive the MJ Legalization movement through the finish line — that’s what will motivate the handful of Republican Senators needed to pass the MJ Legalization Bill who are currently sitting on the fence — all the talk right now is about social justice being a key driving force, but that’s largely a Democratic ideal — money is the bigger factor for Republicans
2) If the Dems don’t pass The SAFE Banking Act in 2021 and they attempt to pass MJ Legalization in 2022 and are not successful, then they might wind up with nothing
No Banking, No Legalization
It would be great to get legalization, as that would probably resolve the banking issue
But if legalization fails in 2022, then Dems could wind up with NOTHING to show for their efforts and may very well lose the Senate and/or the House in 2022 — if that occurs, the MJ industry could be stuck in neutral for the foreseeable future
That’s the last thing the Democratic Party wants to see happen
The SAFE Banking Act is likely to wind up being the biggest direct catalyst for MJ & Hemp/CBD stocks in 2021 — the prospects of MJ Legalization right now are the biggest indirect catalyst for the cannabis sector, at least until they become more of a direct catalyst after the bill is filed and starts attracting cosigners
The SAFE Banking Act alone would become the biggest federal catalyst to ever hit the cannabis sector thus far
If CBD Legalization is attached to it, the catalyst would be that much stronger for CBD stocks
With the passage of Banking Legalization for MJ and Hemp/CBD in 2021, the anticipation of the potential for MJ Legalization in 2022 would then be tied into the sentiment-driven narrative offered up by Democrats and broadcast by the media — The MJ Legalization story has great potential to take the American cannabis sector to its greatest heights in history in 2021
But it really all starts with The SAFE Banking Act, so its reintroduction into the House and Senate is the first step in this process
Sleek
SAFE Banking Act and CBD Legalization are looking like pretty solid possibilities in 2021 with today’s news
Will these bills be attached to the upcoming infrastructure bill?
That’s the big question on my mind right now
Sleek
Marijuana Banking Bill Reintroduced In Senate, With Nearly A Third Of The Chamber Signed On
https://www.marijuanamoment.net/marijuana-banking-bill-reintroduced-in-senate-with-nearly-a-third-of-the-chamber-signed-on/
Sleek
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