Safe Banking Act was added to a bill yesterday Here are some copied comments made by investors:
From what I heard last night during the call Todd Harrison hosted, it's in the bill now and Senate Democrats (ie Schummer) would have to explicitly put himself out there and strip out the amendment on the Senate version of the bill. That to me sounds like a disaster for the Dems if they do it and will be brought up at midterms. Not sure they'd be willing to do that.
If the Senate strips it out, it still goes to committee where the house and Senate bills are combined into a single bill. If the house bill has the SAFE language, it could still make it into the final bill, regardless if the Senate striping it from theirs.
Lol this is why they probably ran down the prices. Sadly, I believe you are correct. Retail investors get shanked when it comes to insider news. I've seen so many bull runs get sparked in this sector after a brutal selloff. The bull run bounce off the bottom usually starts briefly before the positive catalyst news is publicly released.
From the twitter discussion with brady cobb & Todd Harrison yesterday they believed this was an attempt to get SAFE+ passed by end of year or to force a more rapid implementation of whatever Schumer is currently working on. Lots of moving parts and no guarantees.
SAFE banking means dispenseries could take credit cards.
Weed companies being listed on major exchanges that will add LOTS of volume and prices should adjust quickly.
Weed companies wouldn't have to pay all the extra business taxes in that one IRS section.
But I think the biggest thing is...the Weed companies could now get loans from real business banks at the stupid-cheap interest rates that all other companies have been taking advantage of.
No more convertible debt, no more share dilution. This opens the big MJ MSOS to be investment targets for major funds like pensions and hedge funds.