The buzz around the cannabis industry is palpable, especially with Congress stirring the pot around passage of the Secure and Fair Enforcement Regulation (SAFER) Banking Act. This game-changing legislation could be a lifeline for cannabis businesses looking to do their banking, especially across state lines, without fear of running afoul of federal regulations. The banking bill is getting extra attention now because it might hitch a ride on a separate, must-pass spending bill, thanks to a push from the National Conference of State Legislatures (NCSL). The bipartisan org is suggesting that the SAFER Act be tacked onto the Federal Aviation Administration (FAA) reauthorization bill, which could speed the bill’s passage.
Despite the challenges posed by federal laws, the cannabis industry is thriving, creating over 23,000 jobs in 2024 alone and raking in $28.8 billion in sales. This growth is happening despite a crowded market and stiff competition from unauthorized sellers. And if the SAFER legislation gets the green light, it could aid industry growth by facilitating funding, providing better access to capital, and boosting transparency.
Investors are keeping a close eye on multi-state operators like Verano Holdings Corp. (VRNOF) and Cresco Labs Inc. (CRLBF), which are uniquely positioned to benefit from federal
