VFF - EXCLUSIVE: Canopy Growth SNDL Village Farms Could Capture US Cannabis Market Opportunity | Benzinga
The Senate Banking Committee approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act on Wednesday, marking the first time Senate members have voted in favor of legislation that would allow cannabis businesses access to banks.
Wednesday at the Benzinga Cannabis Capital Conference in Chicago, Illinois, several prominent players in the cannabis space discussed the broader regulatory landscape in the U.S.
"We can't touch the plant," said Ann Gillin Lefever, executive vice president of corporate affairs at Village Farms International Inc (NASDAQ: VFF).
Most cannabis companies have viable operations, but they can't cross the border given current federal regulations. In order to maintain Nasdaq listing requirements, cannabis companies can't engage in any plant-touching activities.
Cannabis companies have proven that they can survive. The ones that are still around are battle tested, Lefever said.
"Let's not forget this is a business that was nothing five years ago," she said.
Canopy Growth Corp (NASDAQ: CGC) CEO David Klein explained that most people don't realize that a lot of cannabis companies have a significant presence in the U.S.
"We already have operations in the U.S., but ... you have to work around regulatory requirements in order to create value out of those businesses," he said.
Canopy Growth's U.S. businesses are already profitable, but ...