Home Stock Market The analyst said that there is no 'immediate path' in the Senate...

The analyst said that there is no ‘immediate path’ in the Senate for the cannabis bank bill


Analysts say don’t bet on the rapid Senate pass to the Safe Banking Act, even after the House of Representatives passed the cannabis banking bill on Monday in a 321- vote. 101.

“We don’t see an immediate path to SAFE in the Senate because Senate Democrats are likely to try to push the law,” said Cowen Washington Research Group analyst Jaret Seiberg. legalization”.

Senate Majority Leader Chuck Schumer, Democrat New York, and two other top Democrats called in February for “end federal marijuana banAnd promises “a comprehensive cannabis reform law”. That has Marijuana reserves increased
MJ,
-3.95%

THCX,
-4.37%

This year.

Cowen’s Seiberg said there were 60 votes for the Safe Banking Act in the Senate, split 50-50 but run by Democrats as Vice President Kamala Harris could vote at disagreement.

“The problem is that Senate Bank President Sherrod Brown doesn’t seem interested in promoting the SAFE version of the House of Representatives,” the analyst added.

“He wanted social equity provisions, which we believe would risk the GOP votes needed to overcome instability. That is why we believe that Democrats in the Senate are focusing on legalization before reaching banks. It seems that the hurdles for both bills are similar. “

Senate filtering rules require 60 votes to end the debate on most categories and allow the minority party to thwart the majority’s efforts.

In a statement late on Monday, Brown’s office said damage inflicted on minority families caused by the war on drugs must be addressed, although he also noted the need for banking laws. .

Other analysts have said that the Safe Banking Act could be the more likely cannabis-related bill eventually surpassing the Senate run by Democrats.

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