Cannabis Stocks Spiking On Hopes For Banking Bill

The U.S. cannabis industry is on the verge of its biggest win of 2021.

It looks like some major cannabis legislation has a strong possibility of being passed in the next few weeks – and if it does pass, it could set the stage for a monster cannabis stock rally into the end of the year.

The bill in question is the Secure and Fair Enforcement (SAFE) Act, commonly referred to as the Safe Act. The Safe Act is one of the most popular cannabis bills, and it has widespread support from both Democrats and Republicans.

The Safe Act would be a major growth catalyst for the U.S. cannabis industry by letting banks offer financial services to the cannabis industry without fear of federal prosecution.

For example, most cannabis dispensaries in the U.S. are being forced to operate in cash because they can't access credit card services from megabanks such as Bank of America (BAC) and JP Morgan (JPM). The Safe Act fixes this problem and many others.

For most of the year, it appeared that the Safe Act had virtually no chance of passing in 2021. Even though the House passed the bill in April of 2021, the bill never made it to the Senate floor for a vote. Continue reading "Cannabis Stocks Spiking On Hopes For Banking Bill"