A historic full vote in the U.S. House of Representatives that might changes the US cannabis industry forever will happen later this month. House Majority Leader Steny Hoyer, a Maryland Democrat, plans to put the SAFE Banking Act to a vote before the end of September. According to CNN “The SAFE Banking Act would provide protections for banks that work with marijuana companies since the substance is still illegal under federal law, despite several states having legalized medical or recreational marijuana”. In short, this bill will allow financial institutions to service cannabis-related companies and ancillary businesses without fear of Federal prosecution. In March, the House Financial Services Committee advanced the bill by a decisive 45-15 vote. The full House bill approval is expected.

This report has been prepared by AC Markets and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by AC Markets personnel at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.

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