House to likely light one up for marijuana banking ahead of 4/20

Verano Holdings

19/04/2021 17:47

** U.S. House of Representatives to vote later on Monday on
legislation that would allow banks to provide services to
cannabis companies in states where it is legal
    ** Analysts and industry experts expect the House to likely
pass the Secure and Fair Enforcement (SAFE) Act on banking
    ** The House in the last Congress had passed a version of
the Act on 3 occasions
    ** The bill will also have to pass the Senate and get
President Joe Biden's signature to become a law
    * US Cannabis ETF  MSOS.N  down 2.7% ahead of the vote, in
line with broader markets
    ** Green Thumb Industries Inc  GTII.CD , Curaleaf Holdings
Inc  CURA.CD , Cresco Labs  CL.CD , all down between 3% to 5%
    ** The vote is "about symbolism, not progress" - Cowen and
Co analysts 
    ** Cowen analysts also expect Senate Majority Leader Chuck
Schumer to likely release broad outlines of a legalization bill