The SAFE Banking Act passed the House, but that’s not the only good news…
While cannabis stocks have had a turbulent week, the U.S. cannabis industry may have had its best week ever.
There were several momentous announcements from both federal and state governments that will help the cannabis industry as it grows to an estimated $30 billion by 2025.
Let’s start with the big one…
The House of Representatives has passed the SAFE Banking Act!
This bill would normalize cannabis banking, offering lower costs and increased opportunities to every cannabis company in the country.
The bill now goes to the Senate. I’ve written a lot about the SAFE Banking Act and about how the Senate is the real key.
I’ll have more on that soon.
But there was more good news, and I’ll be sending you detailed reports about that down the road.
- The governor of Pennsylvania and lieutenant governor both came out in favor of legal recreational cannabis in that state.
- Governor Andrew Cuomo (NY-D) announced that he’ll be coordinating with other governors to set policies for legal recreational cannabis. He’ll be working with the governors of neighboring states to take a regional approach to cannabis. A regional approach increases the chance of adult-use legislation in each state, and it will save companies in the region a lot of hassle when they design and package products. Perhaps, most importantly, they can stop Cuomo’s nightmares.
- One of those regional partners, New Jersey, now hopes to pass its adult-use legislation this year, after local elections in the state. This is a faster timeline than many had expected, and it makes recreational cannabis an election issue. With over 60% of New Jersey residents favoring cannabis legalization, the voters will have a chance to enact their will.
- Massachusetts made news because of its ill-considered ban on legal vape pens. But the very next day, the state’s Cannabis Control Commission announced that it will start to allow home delivery of cannabis. The first deliveries should start in a couple of months, but there are some details that still have to be ironed out. It could be that delivery will not only be a benefit for those making the deliveries, but it could speed the application process for new dispensaries – if customers in an area can have cannabis delivered right to their doors, opposition to a local store to collect profits and pay taxes will go down.
- Massachusetts is also setting the stage for cannabis lounges. That would put normally-conservative Massachusetts ahead of cannabis trendsetters like Colorado and Washington.
The U.S. is moving toward widespread adult-use legalization of cannabis, but I’ve never seen so much good news on the regulatory front crammed into just one week.
During a week in which the stocks were down, I thought you’d want to know that the news is positive.
Executive Director, National Institute for Cannabis Investors
9 responses to “This Was a Huge Week for Cannabis”
September 26 2019