Passage of the SAFE Act Could Trigger a Rally in Cannabis Sector
The cannabis sector has been trending lower for almost six months, but a forthcoming Senate vote on the SAFE Act could provide a much-needed boost for the industry.
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The legal cannabis industry is expected to rake in more than $30 billion in sales during 2023. And by 2028, that figure could exceed $50 billion, which would put it on par with the coffee industry, which pulls in roughly $48 billion annually.
No matter how you cut it, that’s a lot of moolah. And one of the biggest complications for cannabis-focused companies has been where to stash that cash. But in the near future, that issue may finally be resolved.
Full legalization of cannabis at the federal level isn’t expected to occur anytime soon, but on May 11, 2023 the U.S. Senate is expected to vote on the Secure and Fair Enforcement Banking (SAFE) Act.
Enactment of the SAFE Act would finally open the federally-regulated banking...
