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PASSED: SAFE Banking Act


Marijuana names indicated higher this morning after U.S. House of Representatives passes SAFE Banking Act .

  • The bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate marijuana-related business. Specifically, the bill prohibits a federal banking regulator from (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana-related business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business; or (5) penalizing a depository institution for processing or collecting payments for such a business.

  • CTST +7.96%, OGI +5.00%, APHA +4.52%, CRON +4.49%, ACB +3.99%, HEXO +3.61%, CGC +3.56%, TLRY +3.01%

Good news by no cigar. Symbol names mentioned are up today, but the fundamentals are not working and look for lower prices. Unless their market caps are within line with true earnings power, the current crop of cannabis plays are worthless. Based on our SP+GTM algorithm, look for a further 15% drop this year. As for TLRY, as suggested it is below $30 from our initial recommended SHORT at $291.


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