Quotebox: Marijuana banking bill heads to Senate Banking Committee

Jushi Holdings

11/05/2023 14:59

May 11 (Reuters) - Shares of pot companies were trading
higher on Thursday as the U.S. Senate Banking Committee prepares
to discuss the SAFE Banking Act, a crucial legislation that
would make it easier for the cannabis industry to access banking
services.
    If the bill advances through the committee stage, it would
be voted by the Senate for the first time. The bill has been
passed by the House of Representatives seven times in the past. 
    Industry insiders are cautiously optimistic that the bill,
which has bipartisan support, will be signed into law this time.
    Goodness Growth Holdings Inc  GDNS.CD , Cresco Labs Inc
 CL.CD , Cronos Group Inc  CRON.O , SNDL  SNDL.O , Trulieve
Cannabis  TRUL.CD  and Aurora Cannabis  ACB.O  were up between
0.60% and 8.6% in early trading.
    
    BRADY COBB - CEO, SUNBURN CANNABIS & DC LOBBYIST 
    "This time (it) feels different. With strong bipartisan
support and committee leadership, coupled with the majority
leader's recent pivot to a position of support, I expect the
hearing to be favorable and for a mark up and floor vote to be
scheduled in coming weeks." 
    
    MATT HAWKINS - FOUNDER & MANAGING PARTNER, ENTOURAGE EFFECT
CAPITAL
    "SAFE Banking's bicameral nature this time around is an
encouraging step forward compared to its past filings, but the
outcome of hearing will provide much-needed context. If Congress
truly cares about representing public opinion and supporting
hardworking entrepreneurs, they must come together to finally
pass this much-needed reform."
    
    JIM CACIOPPO - CEO, CHAIRMAN AND FOUNDER, JUSHI HOLDINGS INC
    "Instead of squandering another opportunity, Congress has a
chance to pass the SAFE Banking Act. Cannabis businesses have
continued to pay more than their fair share of state, federal,
Social Security and Medicare taxes, and it's time we stop
discriminating against the industry."
    
    TROY DATCHER - CEO, THE PARENT COMPANY 
    "In this challenging economic environment, swift passage (of
the bill) is crucial for the tens of thousands of state-licensed
and ancillary cannabis businesses. This legislation will also
help address the public safety risks that have been created by
forcing a $30 billion industry to operate largely in cash."
    
    MORGAN PAXHIA, MANAGING PARTNER OF POSEIDON INVESTMENT
MANAGEMENT AND $PSDN CANNABIS ETF
    "This is the first of several steps for the Senate to
proceed forward to a vote so this was very welcome to say the
least. The American Bankers Association is pleading for fast
tracking to a vote in the Senate and we support their plea."

 (Reporting by Mrinalika Roy in Bengaluru; Editing by Shailesh
Kuber)
 ((mrinalika.roy@thomsonreuters.com;))