US Senate committee votes to advance amended marijuana banking bill (updated)

Green Thumb Industries

27/09/2023 15:41

(Adds details and background on the bill in paragraphs 3-6)
       Sept 27 (Reuters) - A U.S. Senate committee on Wednesday
voted to advance a marijuana banking bill, raising hopes for the
cash-dependent cannabis sector to get access to regular banking
services.
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 ACB.O , SNDL  SNDL.O , Tilray Brands  TLRY.O  climbed between
3% and 6.5% on the voting.
    The Secure and Fair Enforcement Regulation Banking Act
(SAFER) was introduced by a bipartisan group of senators last
week. The bill will now move to the Senate floor.
    An earlier version of the bill, the SAFE Banking Act, had
failed to secure a Senate vote despite the House of
Representatives passing it seven times.
    Most banks in the country do not service cannabis companies
as marijuana remains illegal at the federal level despite
several states legalizing its medicinal and recreational use.

 (Reporting by Arunima Kumar and Sourasis Bose in Bengaluru;
Editing by Sriraj Kalluvila)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))