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US Senate committee votes to advance amended marijuana banking bill

Published Sep 27, 2023 10:53 Updated Sep 27, 2023 10:59

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US Senate committee votes to advance amended marijuana banking bill

© Reuters. Recreational cannabis products are for sale during the opening of a marijuana dispensary by NativeCare, owned by the Red Lake Nation and located on their rural reservation, in Red Lake, Minnesota, U.S. August 1, 2023. REUTERS/Erica Dischino/ File Photo

ACB

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CGC

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CRON

+0.51%

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TLRY

+2.26%

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+2.92%

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(Reuters) - A U.S. Senate committee on Wednesday voted to advance a marijuana banking bill, raising hopes for the cash-dependent cannabis sector to get access to regular banking services.

U.S.-listed shares of Canopy Growth (TSX:WEED) , Cronos Group (TSX:CRON), Aurora Cannabis (TSX:ACB), SNDL, Tilray (TSX:TLRY) Brands climbed between 3% and 6.5% on the voting.

The Secure and Fair Enforcement Regulation Banking Act (SAFER) was introduced by a bipartisan group of senators last week. The bill will now move to the Senate floor.

An earlier version of the bill, the SAFE Banking Act, had failed to secure a Senate vote despite the House of Representatives passing it seven times.

Most banks in the country do not service cannabis companies as marijuana remains illegal at the federal level despite several states legalizing its medicinal and recreational use.

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