The cannabis industry is enjoying a resurgence of momentum lately, thanks to two positive developments on the regulatory front. First, the U.S. Department of Health and Human Services suggested in late August that marijuana should be downgraded from Schedule I (no medical value) to Schedule III (drugs with a current medical use) in the Controlled Substances Act. This recommendation signals some progress in the ongoing push for federal legalization of cannabis, although the final decision rests with the Drug Enforcement Agency.

Second, Senate Majority Leader Chuck Schumer (D-NY) has continued to champion the Secure and Fair Enforcement (SAFE) Banking Act, currently under consideration in the U.S. Senate. The SAFE Banking Act, if enacted, would allow U.S. cannabis companies to access banking services and capital markets more easily, thereby facilitating their growth and expansion in this nascent market.

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Source Fool.com