A 2022 push to open banks to cannabis businesses is failing in the Senate, as proponents acknowledge that their SAFE Banking Act won’t be attached to the Congress’s omnibus spending package.
State-licensed marijuana operations such as Curaleaf Holdings (ticker: CURLF) or Trulieve Cannabis (TCNNF) have found financial workarounds, so the defeat will have little direct impact on their multistate businesses. But the legislative rebuff is a bad omen for the broad October agenda announced by President Joe Biden to liberalize federal laws that keep cannabis sales illegal.
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