SAFE Banking Act, seen as boon to multi-state operators.... SAFE Banking Act, seen as boon to multi-state operators, reintroduced in House
On Thursday, Rep. Ed Perlmutter (D-Colo.) reintroduced H.R. 1996, the SAFE Banking Act, a piece of legislation seen as critical to federal marijuana legalization as it would allow cannabis-oriented businesses access to U.S. banks.The bill has 109 co-sponsors and has been referred to both the House Financial Services and Judiciary Committees for further action.However, the proposed legislation does not include language that would allow multi-state operators (MSOs) to uplist on major stock exchanges or permit capital market activity between MSOs and financial institutions, according to a note from BTIG analyst Camilo Lyon.The firm says it has heard a similar version of the bill will be introduced in the Senate this week."We also continue to believe the bill can pass both chambers potentially by late summer, and while that would bring tangiblebenefits to the industry it would do little to change the already robust growth trajectory of it, we believe," Lyon