Cannabis Companies Win Big as Secure and Fair Enforcement Act Passes the House

Matty-Sways

Pot stocks surged on Thursday after the House passed the Secure and Fair Enforcement Act he prior day.

The passage of the Secure and Fair Enforcement Act is a major step forward for the cannabis industry. It gives these companies the protections of the federal banking system, something previously deemed illegal. Most major companies saw a jump in Thursday morning trading before gains were erased after the initial surge.

"Although the bill still needs to pass the Senate, SAFE Banking's victory in the House is monumental," Charlie Wilson, chief revenue officer at Green Bits told Markets Insider in an email. 

It represents a critical step forward for the industry, he said. "By allowing cannabis businesses to access financial services, the SAFE Banking Act will create a safer, more transparent, and more efficient marketplace."

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