Cannabis industry hopes SAFE Banking Act will spark new wave of growth, especially in U.S.

For the first time in history, the U.S. House of Representatives passed legislation to both validate and protect the burgeoning cannabis industry by giving it access to banks, credit unions and insurance companies.

“It’s a very strange scenario to be in when you’re in a fully fledged state legal industry that doesn’t have access to traditional banking,” Cresco Labs Inc. CEO Charlie Bachtell said. “It’s a rather fundamentally large step in the right direction towards a different future for cannabis legalization.”

Cresco Labs’ stock has been under significant pressure in the market since late April when it reached a high of $17.85. Like the struggling Canadian industry, the U.S.-based cannabis sector has been devoid of catalysts and has ventured into a bear market. Bachtell sees the promise in the SAFE Banking Act to be the first step in a turnaround.

It's a very strange scenario to be in when you're in a fully fledged state legal industry that doesn't have access to traditional banking

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Canadian lithium-tech companies find traction amid rise of electric carsCanada’s mainstream lithium miners continue to struggle suggesting the next wave of growth will come from technology — not geology Now we're talkin'. That's the FUTURE! buylowsellhigh Free market economics, end corporate welfare/supply management, balanced budget, respect constitution/individual rights, scrapping carbon tax, immigration policy that fulfills our economic needs, a foreign policy that puts Canadians FIRST. MaximeBernier
Herkunft: nationalpost - 🏆 10. / 80 Weiterlesen »

Global stocks mixed as traders mull Trump inquiryEuropean stock markets opened higher Friday and Asia was mixed as traders weighed slower U.S. economic growth and the possible impact of an impeachment inquiry of U.S. President Donald Trump.
Herkunft: CTVNews - 🏆 1. / 99 Weiterlesen »