OTCQX:HRVSF - Post by User
Post by
mydogchachon May 12, 2020 11:50pm
261 Views
Post# 31020409
Could be a Big Week ...........
Could be a Big Week ........... The boost in U.S. cannabis stocks was in part the result of the fact that SAFE Banking Act provisions made it into COVID-19 legislation. The SAFE Banking Act passed the Democratic-controlled House last year but did not get passed by the Republican-controlled Senate. The provisions would allow U.S. cannabis companies to access banking services and allow their customers to use credit, which proponents say is particularly important during the COVID-19 pandemic. (Given that many retailers in other industries have temporarily banned cash payments, it is a claim that has merit, even if it is opportunistic.) Presently, cannabis companies are unable to accept credit cards or access many banking services, as cannabis remains illegal on a federal level in the U.S. The SAFE Banking Act would not change the legal status of cannabis, but it would grant cannabis companies access to financial services.
A House floor vote on the COVID-19 package is expected to happen as early as Friday. Of course, the bigger obstacle will be getting it through the Senate. That the changes are bundled in with a $3-trillion COVID-19 relief package, though, may give reason for optimism. The market seemed to view it as a genuine possibility. Trulieve Cannabis Corp. (TRUL) rose 95 cents to $15.92 on the news, Curaleaf Holdings Inc. (CURA) rose 47 cents to $7.26 and Cresco Labs Inc. (CL) rose 59 cents to $5.39, with the gains coming on an otherwise down day in the U.S.