Cannabis banking measure may win approval in Senate, report says

The Secure and Fair Enforcement (SAFE) Act, also known as the SAFE Banking Act, will be voted on in committee by the end of the month and should have enough votes to pass the U.S. Senate, according to a report by NBC-TV. Three sources familiar with the talks told NBC-TV the Senate Banking, Housing, and Urban Affairs Committee plans to hold a markup meeting for SAFE Banking during the week of Sept. 25. It could then go before the full Senate for the first time since the measure was introduced 10 years ago. SAFE Banking has passed the U.S. House of Representatives in the past but it’s fate is less certain now because of GOP control of the chamber. The AdvisorShares Pure US Cannabis ETF
MSOS,
+6.40%
was up 2.7% in premarket trading on Friday, on top of a 6% rise in regular trading in the previous session. The SAFE Banking Act is intended to make it easier for cannabis companies to transact business without the federal impediments that come with the plant’s current classification as a Schedule I drug with no medical uses under U.S. law.