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U.S. Pot Banking Bill May Hurt Canada Exchanges: Cannabis Weekly

  • ‘No one’s going to say that we’re committing money laundering’
  • Largest U.S. banks still wary of embracing the cannabis sector
TORONTO, ON - JUNE 24: Scenes at the re-opening of the Cannabis Culture pot shop. 'Prince of Pot' Marc Emery owns the franchise. (Michael Robinson/Toronto Star via Getty Images)
TORONTO, ON - JUNE 24: Scenes at the re-opening of the Cannabis Culture pot shop. 'Prince of Pot' Marc Emery owns the franchise. (Michael Robinson/Toronto Star via Getty Images)Photographer: Michael Robinson/Toronto Star
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The advancement of the SAFE Banking Act indicates it won’t be long before U.S. stock exchanges open up to cannabis listings, a potential blow to Canadian bourses that have carved a lucrative niche for pot.

The U.S. House of Representatives voted 321-103 last week in favor of the Secure and Fair Enforcement Banking Act, which would allow banks to do business with legal cannabis companies. Currently, the industry is forced to conduct many transactions in cash because of its lack of access to the banking system.