Senator Crapo Wants to Hold Cannabis Banking Reform Vote

Today POLITICO is reporting, Senate Banking Chairman Mike Crapo wants to hold a vote on legislation to enable banks to serve cannabis-related businesses. In the report, they state Senator Crapo is willing to work with either the current bills being proposed or possibly write a new one.

We’re working to try to get a bill ready… I’m looking to see whether we can thread the needle.”

Senator Mike Crapo, Chair of Senate Banking Committee, POLITCO

As we wrote about yesterday, Senator Crapo is seen as one of the three big hurdles preventing cannabis reform from entering the floor of the Senate. The other two being Chair of the Senate Judiciary Committee Senator Graham and Senate Majority Leader Mitch McConnell. This is seen a big step forward for the US cannabis movement.

The issue for Senator Crapo is beyond cannabis. He tells POLITCO he sees transactions surrounding other businesses, like trades such as plumbing, construction, hardware, etc. that provide services to the cannabis sector unfairly being hurt by the current status.

As of 1:11PM today, the Horizons US Marijuana Index (NEO: HMUS.U) is down approximately 2.82% to $4.83.

Information for this briefing was found via POLITCO and Horizons. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Small Cap Steve

SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. In the time since, he has taken a heavy focus in the cannabis space with a particular affinity for multi state operators, for which he has become a known thought leader.