Below is a brief excerpt from a complimentary research note written by our Cannabis analyst Howard Penney. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.
As we said in our recent Cannabis Deck, we need to see some movement or Cannabis reform in the Biden Administration first 100 days, or the group is at risk of a correction.
Yesterday, two prominent industry CEO's (Charlie Bachtell, CEO Cresco Labs, and Kim Rivers CEO, Trulieve) representing the National Cannabis Roundtable wrote a letter to the leadership of the House’s moderate Democratic Blue Dog Coalition, asking them to push for cannabis banking language to be added to the “ American Rescue Plan.”
In the letter, they note that the SAFE Banking Act, which passed the House in 2019 and has yet to be reintroduced in this Congress, would make it easier for financial institutions to offer services to the cannabis industry.
The Blue Dog Coalition co-chairs Reps. Ed Case of Hawaii, Stephanie Murphy of Florida, and Tom O'Halleran of Arizona represent districts where many NCR’s member organizations have operations.
“You have demonstrated your commitment to fiscally responsible policies and to transcending party lines to provide economic opportunities for all Americans.”
“We hope that for the next round [of] economic stimulus, you will look to the cannabis industry to create jobs, simply by including SAFE Banking language in the bill.”