Passage of cannabis banking bill needs lobbying push - GOP Senator

Republican Sen. Steve Daines (Mont.), co-sponsor of a marijuana banking bill, urged a group of bankers on Tuesday to lobby for the passage of cannabis banking reforms at Capitol Hill.

The bill titled Secure and Fair Enforcement (SAFE) Banking Act which will open up the U.S. financial system for marijuana businesses, has passed the House with bipartisan support six times but with no luck in the senate.

“This bill has been out there a long time,” Daines said at the American Bankers Association (ABA) Washington Summit on Tuesday.

“I think with each passing year, there’s a greater number of people who understand that the problem—forcing businesses to operate in all cash—is only getting worse,” Daines, who co-sponsored the SAFE Banking act last year as a member of the Senate Banking Committee, said.

“We could unleash an army of you all in this room on Capitol Hill” to push for its passage, he added.

Leading cannabis players have come off lows to trade sharply higher on Tuesday. Notable gainers include SNDL (SNDL), Organigram Holdings (OGI), Tilray (NASDAQ:TLRY), Aurora Cannabis (ACB), and Canopy Growth (CGC).

U.S. MSOs, MedMen Enterprises (OTCQB:MMNFF), and Planet 13 Holdings (OTCQX:PLNHF) have also joined the rally.

Read: Seeking Alpha contributor Blake Downer expects a sector-wide rally in the marijuana space depending on the progress of legislative work to reschedule cannabis in the U.S.