Even where there have been hiccups—for example, Mississippi, where voters overwhelmingly approved a medical marijuana plan last year that’s now facing a few legal hurdles—there would seem to be no reversing this tide.
Lest this be considered a partisan endeavour, though, Americans for Prosperity—a conservative political advocacy group founded by the Koch brothers—notably just endorsed the legalization of marijuana.
The relaxation of federal laws would give US cannabis companies the chance to attract the investor money that Canadian growers have amassed in recent years and allow the industry to flourish in ways it can’t right now.
The biggest names that carry US stock tickers are actually Canadian businesses—Aphria Inc, Canopy Growth Corp and Tilray Inc, to name a few.
The SAFE Banking Act would make it permissible for banks to do business with marijuana entities, which could also open the door to US companies being able to list on American stock exchanges.
Instead of passing SAFE in a vacuum, it’s more likely that key parts end up in the “bill of bills” encompassing broader cannabis reform that Schumer is helping to draft, which could help it win Republicans’ support, Pablo Zuanic, an analyst for Cantor Fitzgerald, wrote in a note to clients.
Another vital provision would be to reclassify cannabis in the Controlled Substances Act, where it is still listed as a Schedule 1 drug, the most serious class, alongside heroin.