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.
It has been a long road for Washington’s cannabis banking bill and an unrelated measure targeting the U.S retirement system.
“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. In this month’s midterm elections, Republicans won a narrow majority in the House of Representatives, while Democrats maintained control of the Senate, as GOP hopes for a “red wave” were dashed.
Marcus puts the legislation’s chances for passage during the current lame-duck session at around 40% or lower. Financial institutions have faced legal problems because marijuana remains illegal on the federal level, even as more states legalize it. Lobbyists over the years have emphasized that many weed businesses end up “unbanked” and operating largely in cash, and that makes them targets for robberies and other crimes.
Different versions of the latest retirement package have passed two Senate committees and the full House this year, helping to make analysts upbeat on its chances.
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