AYRWF - Schumer tells colleagues marijuana banking bill needs Republican support

2023-07-10 12:50:17 ET

Senate Majority Leader Chuck Schumer told fellow lawmakers that passing legislation that would allow legal cannabis businesses to work withthe US financial system will "depend on cooperation of our Republican colleagues."

In a July 9 letter , Schumer provided a long list of legislation he would like to see advanced, including what he called "safeguarding cannabis banking." This is a reference to the SAFE Banking Act.

Sens. Jeff Merkley (D-Ore.) and Steve Daines (R-Mont.) are the lead sponsors from each party on the legislation.

SAFE Banking has come up in the Senate before but has gone nowhere. In the past, Schumer and other Democratic senators have tried to tie other marijuana measures, such as criminal justice reform, to SAFE Banking, but that has led to less support.

Multi-state operators: Cresco Labs ( OTCQX:CRLBF ), Columbia Care ( OTCQX:CCHWF ), Trulieve Cannabis ( OTCQX:TCNNF ), Green Thumb Industries ( OTCQX:GTBIF ), Curaleaf Holdings ( OTCPK:CURLF ), MedMen Enterprises ( OTCQB:MMNFF ), Acreage Holdings ( OTCQX:ACRHF ), Ayr Wellness ( OTCQX:AYRWF ); Verano Holdings ( OTCQX:VRNOF ), and Jushi Holdings ( OTCQX:JUSHF ).

Cannabis ETFs: AdvisorShares Pure Cannabis ETF ( YOLO ), Amplify Seymour Cannabis ETF ( CNBS ), ETFMG Alternative Harvest ETF ( NYSEARCA: MJ ), AdvisorShares Pure US Cannabis ETF ( MSOS ), and Global X Cannabis ETF ( POTX ).

More on SAFE Banking Act

• Sen. Schumer said to be "confident" of clearing cannabis banking bill this session

• Marijuana banking bill heading to committee vote within weeks - Senate chairman

• Cannabis stocks jump as bipartisan SAFE banking bill reintroduced

• YOLO: Reintroduction Of SAFE Banking Act Creating New Opportunities For Cannabis ETFs

For further details see: