The Cannabis Floodgates Are About to Open

Matthew Carr|May 4, 2021

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The American cannabis industry recently earned another victory.

And it takes the country one step closer to a real change at the federal level.

Late last month, the U.S. House of Representatives overwhelmingly passed the Secure and Fair Enforcement (SAFE) Banking Act.

The bill would enable banks and other financial institutions to provide cannabis companies with the same services every other industry in this country enjoys – without the fear of federal prosecution.

This was a lopsided victory for cannabis, with the House voting 321-101. And maybe even more importantly, more than half of House Republicans voted in support of the SAFE Banking Act.

The tally was very similar to the 321-103 vote the SAFE Banking Act received when it cleared the House in 2019. But the Senate stalled the measure at that time.

This time, though, the prospects are far better… and investors should be sitting up and taking notice.

The “Secret” of This Confidential Bill

Democrats have a majority in both the House and the Senate.

So the likelihood of the SAFE Banking Act clearing its next hurdle is much higher than it was in the past.

But there’s another layer to this story.

Not only is the SAFE Banking Act chugging along, but Senate Majority Leader Chuck Schumer, Sen. Cory Booker and Sen. Ron Wyden are also crafting their own comprehensive cannabis reform bill.

Now, for whatever reason, the details of this bill are confidential at the moment. And there’s no timeline for when the trio’s bill will be introduced. But they have been seeking input from the National Cannabis Industry Association and other similar groups.

They also plan to move ahead with legalization efforts, with or without President Joe Biden.

But here’s what I think we can likely expect from the Senate…

Schumer, Booker and Wyden each introduced a cannabis reform bill in the last legislative session. Schumer introduced the Marijuana Freedom and Opportunity Act, Booker introduced the Marijuana Justice Act and Wyden introduced the Marijuana Revenue and Regulation Act.

It’s likely that the bill they’re working on together is a combination of the three.

Now, I believe Congress will make a change at the federal level this year and, at the very least, alter the scheduling of cannabis in the Controlled Substances Act. That would mean descheduling it altogether or rescheduling it to a much lower level.

All three of the senators’ previous reform bills were specifically about removing cannabis from this act.

So it’s hard to imagine their current, confidential cannabis bill won’t look to do the same. And that would create a windfall for American cannabis companies!

The Winds of Change

The takeaway here is this…

A change at the federal level is coming.

The House once again passing the SAFE Banking Act is a boon for the cannabis industry. And unlike during its last trek through Congress, this time there are no obstacles standing in its way.

There is bipartisan support for the cannabis industry to have access to the financial services that every other industry in this country enjoys. And this time, the Senate will be given the chance to vote on the bill.

Additionally, Senate leadership is looking to make a major change at the federal level. That very likely means removing cannabis from the Controlled Substances Act.

This makes legalization a very real possibility. The walls of prohibition are finally starting to crumble.

A change is coming. And I’m not talking about some far-off “someday”…

I’m talking months or maybe weeks.

This is the moment cannabis investors have been waiting for. Once that change takes place, the floodgates will open for cannabis companies, and all of us who have been patiently waiting will be rewarded.

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