In 38 states . . .
The state attorneys general have asked Congress to turnover current cannabis laws.
New legislation could open up the doors for legal marijuana – sending pot stocks surging.
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Medical marijuana is already 100% legal in 33 states. Plus, 10 of those states have legalized adult recreational use.
Current federal laws make it difficult for cannabis companies to work with the big banks.
Currently, there are 300 financial institutions in the in the U.S. that serve cannabis companies. They’re often small state banks and credit unions.
None of the big banks – like Bank of America or Wells Fargo – will take the risk of serving cannabis companies. That’s because they could run afoul of federal drug and money laundering laws.
The attorneys general from 38 states are asking for Congress to move forward on new legislation . . .
Known as the SAFE Banking Act.
California’s attorney general explained, “This is simple: Not incorporating an $8.3 billion industry into our banking system is hurting our public safety and economy.”
The law would allow cannabis companies to use regular banks. That would make it easier for these companies to obtain loans, accept credit cards and operate like normal businesses.
The SAFE Banking Act originated in the U.S. House of Representatives. And the bill currently has 175 co-sponsors.
Meanwhile, the American Bankers Association says, “The commonsense bill provides much needed clarity for banks in states where cannabis is legal.”
Passage of the bill would be great news for American cannabis companies.
It would pave the way for these companies to begin working with conventional banks. Plus, it would lower their cost of capital and make it easier for them to obtain insurance or borrow money.
Plus, it could spark the next jump in pot stocks.
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In 38 states . . .