The U.S. cannabis industry got a bit of a jolt at the beginning of April after the House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act). The legislation decriminalizes pot at the federal level.
Chances are good the bill will stall in the Senate, however, even though 91% of Americans are in favor of legalizing cannabis in some form.
If the MORE Act doesn’t get passed by the Senate, Congress should at least consider passing the Secure and Fair Enforcement Banking Act of 2021 (Safe Banking Act). The bill would get the pot legalization ball rolling by cutting red tape that prevents cannabis companies from accessing traditional banking services.
Even if/when the Safe Banking Act gets passed, there will be marijuana companies looking for capital outside of traditional banking channels. One company that lends capital to pot operators is AFC Gamma Inc (NASDAQ:AFCG), which has a first-mover advantage.
Read more about AFC Gamma stock here.
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