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

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Cannabis companies would be able to open operational accounts at banks, and consumers could purchase with credit and debit cards

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

 

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