The Governor Of Pennsylvania Is Trying To Pass A Cannabis Banking And Insurance Reform Bill
Beyond marijuana stocks, the industry as a whole continues to grow and flourish. Over the last several years the cannabis industry has gone from being a taboo subject to now being one of the fastest and most profitable sectors in the world. Although the cannabis industry is still young and developing much progress has been made. There are many cannabis companies spread out in different areas of the sector. But one of the biggest victories is having states in the U.S. be able to approve and establish their own cannabis laws and legal market.
From this more than half of the United States has gone legal whether medicinal or adult use. Currently, there are more states working to legalize cannabis in 2022. As well there are also many political figures around the U.S. that are working to enact federal cannabis reform. Right now that is one of the biggest hurdles to get over. With the end of cannabis prohibition, many cannabis companies would be able to expand their business in ways that are currently federally illegal. Which could help some top marijuana stocks in the market, Nevertheless the industry is a good place and there is much more to be seen as innovation and progress continue.
A Top Political Figure Signs A New Reform Bill
On Monday, July 11th the Governor of Pennslyvania signed a bill that would help to protect financial institutions. As well as insurers within the state that work with legal and licensed medical marijuana companies. The governor of Pennslyvania Tom Wolf is Pro legalization of cannabis. The legislation was put in his hands by the republican dominated legislature. This bill is almost identical to a standalone bill that was once superior earlier than being hooked up to a separate measure.
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The Push For Better Cannabis Reform In The United States
As a standalone bill, this particular type of banking reform was presented to the Senate in early 2022. The bill did clear a Home committee during its last month to do so. Yet the chief sponsor, Sen. John DiSanto (R), then put together a bill that was amended which is currently being signed HB 311. This bill offers to permit sure monetary establishments to perform financial savings promotion applications.
The Pennsylvania hashish laws are a good instance of how states are taking the right approach to provide viable security to monetary establishments. The Pennsylvania hashish laws are one other example of how states are working to supply protections to monetary establishments which are ready to work with the hashish market as Congress continues to delay federal restoration.
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The Future Of Cannabis Legislation In The United States
As mentioned above many new states are working to become part of the legal cannabis industry. State-level cannabis reform is pushing forward and for the most part, is showing solid success. Now for the federal side of cannabis legislation, it is an ongoing battle. Recently the CLIMB Act was introduced as means to establish a way to gain access to capital. This capital is meant for legal cannabis businesses.
The CLIMB Act was expressly introduced “to permit access to community development, small business, minority development, and any other public or private financial capital sources for investment in and financing of cannabis-related legitimate businesses.” The bill begins by providing a safe harbor to encourage this activity.
As well many are still waiting for what will come from Chuck Schumer’s federal reform bill. If it does become law not only will it end prohibtion it could set off a run for marijuana stocks. With 2022 half done the fight to establish cannabis banking and legalize or reschedule marijuana federally is an ongoing battle. Still, there is much to look forward to. Especially as the future of the cannabis industry is heading in a good direction.