Cannabis banking measure may win approval in Senate, report says
The Secure and Fair Enforcement (SAFE) Act, also known as the SAFE Banking Act, will be voted on in committee by the end of the month and should have enough votes to pass the U.S. Senate, according to a report by NBC-TV. Three sources familiar with the talks told NBC-TV the Senate Banking, Housing, and Urban Affairs Committee plans to hold a markup meeting for SAFE Banking during the week of Sept. 25. It could then go before the full Senate for the first time since the measure was introduced 10 years ago. SAFE Banking has passed the U.S. House of Representatives in the past but it's fate is less certain now because of GOP control of the chamber. The AdvisorShares Pure US Cannabis ETF (MSOS) was up 2.7% in premarket trading on Friday, on top of a 6% rise in regular trading in the previous session. The SAFE Banking Act is intended to make it easier for cannabis companies to transact business without the federal impediments that come with the plant's current classification as a Schedule I drug with no medical uses under U.S. law.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
09-15-23 0649ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing