Just got this info in one of my Cannabis newsletters. It some good news but still nothing set in stoned. A bit Ironic to...
Rep. Ed Perlmutter and a group of bipartisan lawmakers are seeking to attach language from the SAFE Banking Act— a standalone bill that would let cannabis companies access the banking system — to the National Defense Authorization Act. The NDAA usually passes without much commotion, so if Perlmutter gets his way, we may very well have a foundational change in the US cannabis industry.
While it's far from a done deal, and the particulars of what the SAFE Act would allow are up for debate, it's certainly possible that it could open up the US cannabis market to institutional investors — and allow profitable, well-capitalized multistate operators to list on major stock exchanges.
Investors like Doug Kassand others have hypothesized that the drop in cannabis stocks has less to do with the companies themselves, and more to do with all of the constraints these companies are operating under. It's possible that SAFE could uncork all of that — or, as with anything in cannabis, it may take quite a bit longer than most investors hope. Either way, we'll be watching closely.