Washington Watch: Cannabis banking bill and retirement package both could actually pass Congress by year’s end, analysts say

by | Dec 1, 2022 | Stock Market

It has been a long road for Washington’s cannabis banking bill and an unrelated measure targeting the U.S retirement system. Now both legislative packages have decent or even strong chances of becoming reality by year’s end, according to analysts.

The bill that aims to protect financial institutions that work with the marijuana industry
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is known as “SAFE Banking Plus,” with the “Plus” referring to its expected inclusion of some criminal-justice reform provisions. The cannabis banking bill has a roughly 70% chance of passing by the end of December, reckons Ben Koltun, director of research at Beacon Policy Advisors. “There’s a lot of positive momentum. It’s just can they come to agreement over some of the details that are outstanding?” Kolton told MarketWatch. Cowen Washington Research Group is also bullish on the measure, putting its chances at 75% — up from 60% in October. “We are increasingly optimistic that Congress will enact the SAFE Act on cannabis banking by the year-end. We now set a 75% probability for passage based on the election outcome, the passage of a cannabis research bill, and the broader progress the Senate made over the last 2 weeks on other bills,” said Cowen analyst Jaret Seiberg in a note on Monday. In this month’s midterm elections, Republicans won a narrow majority in the House of Representatives, while Democrats maintained control of …

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