Hope for SAFE Banking cannabis measure shifts to 2022


Alliance Global Partners analyst Aaron Grey said hope for a potential SAFE Banking measure to speed financial transactions by legal cannabis companies now shifts to 2022 after a decision by lawmakers on Capitol Hill to to drop the SAFE Banking measure from the annual defense spending bill. An updated version of the National Defense Authorization Act did not include the SAFE Banking Act as an amendment, after negotiations between the House and Senate, according to reports on Tuesday. “We continue to view 1H22 as a key window for Congress to get a federal cannabis bill passed ahead of attention shifting to the 2022 midterm elections, and focus increasingly being spent on what lawmakers may view as higher priority issues for voters,” Grey said. The cannabis ETF THCX, +4.66% is down about 21% in 2021, compared to a rise of nearly 25% by the S&P 500.

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