TCNNF - Cannabis Banking Reform 'Closer Than Ever' D.C. Insiders Tell Benzinga Conference: Cannabis ETF On The Move Tuesday | Benzinga
Former U.S. Sen. Cory Gardner told a panel on the first day of the Benzinga Cannabis Capital Conference in Florida that several ranking Congress members are intending to attach the SAFER Banking Act to the must-pass Federal Aviation Administration reauthorization.
"It might not be pretty but it will get the job done," the Colorado Republican told the Benzinga conference.
During the same panel, former U.S. Rep. Ed Perlmutter hinted at imminent regulatory changes that could benefit the cannabis industry, stating: “The DEA will help with 280E and so forth, and hopefully we’ll see a decision this week, or soon.”
Shares of the cannabis-focused ETF AdvisorShares Pure US Cannabis ETF (NYSE:MSOS), surged midday Tuesday in what could be reaction to the remarks made at the Benzinga conference.
What Happened: House Financial Services Chair Patrick McHenry (R-N.C.) and U.S. Rep. Maxine Waters (D-CAO) met recently with Senate Majority Leader Chuck Schumer (D-NY) to discuss stablecoin legislation, and the idea of cannabis banking legislation also being attached to the upcoming FAA reauthorization bill came up.
Gardner stressed the crucial importance of growing bipartisan support for Safer Banking.
“We have to prove to Sen. ...