Key Points
A letter sent by a clutch of attorneys general to congressional leaders made a case for banking reform for the marijuana industry.
Lack of access to basic financial services has been quite a hindrance for the business.
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A new political push for marijuana law reform had an intoxicating effect on Curaleaf (OTC: CURLF) stock as the trading week came to an end. On Friday, the multi-state operator (MSO) was quite the buzzy title on the exchange, with investors boosting its share price by 13% on the day. That compared quite favorably to the minor (0.4%) gain of the S&P 500 (SNPINDEX: ^GSPC) at market close.
Banking on change
Late on Thursday, a group of 32 attorneys general from U.S. states and territories sent a letter to congressional leaders imploring them to pass a marijuana banking bill.
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The Secure and Fair Enforcement Regulation (SAFER) Banking Act would allow cannabis businesses to access basic financial services; as the drug is illegal at the federal (if not necessarily the state) level, they are currently barred from these. Many are consequently forced to operate on a cash-only basis, which increases the risks of crime.
In the letter, the attorneys general wrote, “As more states continue to consider and implement legalization efforts, the lack of access to America’s financial system by cannabis businesses — which is a direct result of federal banking law — presents a considerable safety issue for the public.”
Democrats and Republicans alike
Reflecting the broad support marijuana legalization enjoys among the general American public, the 32 attorneys general — from locales such as Maryland; Washington, D.C.; and Georgia — are a bipartisan group.
While it remains to be seen what, if any, effect their letter has on the rather slow-moving Congressional pot reform efforts, it’s good for the weed industry that there continues to be pressure for change.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
