Senate Majority Leader Chuck Schumer, D-N.Y., expressed his support for the legislation on Thursday and said he would work to make sure the legislation includes criminal justice provisions when it reaches the floor.
Cannabis stocks Curaleaf Holdings, Trulieve Cannabis Corp, and Terrascend Corp all rose by double-digit percentages on Thursday. The bipartisan nature of the SAFE Banking Act’s reintroduction appeared to boost hopes of more relief to come in the industry.
“The SAFE Banking Act will provide urgently needed relief to cannabis businesses of all sizes and act as a stepping stone to broader reforms,” said Matt Darin, CEO of multistate cannabis operator Curaleaf, in a statement after the bill’s reintroduction.
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