Marijuana Bill Introduced in Congress as Industry Readies for Growth

The first marijuana bill of the new Congress has been introduced.

Cannabis stocks in the United States and Canada typically rise when legal reforms are proposed, as they did in December when President Joe Biden signed a marijuana research bill into law, Seeking Alpha reported Monday (Jan. 16).

The bill (HR 363) introduced Friday (Jan. 13) by Rep. Alex Mooney, R-W.Va., concerns the sale, purchase and possession of firearms by users of medical marijuana.

Monday afternoon, cannabis stocks were up 0.19% for the day, according to Yahoo Finance.

FinTechs and others have been gearing up for growth in the cannabis industry in the states in which marijuana has been legalized.

For example, in November, cannabis sales platform POSaBIT teamed with delivery management company Onfleet to create more efficiency for its cannabis industry customers.

As marijuana becomes legal in more places, “businesses will need to ensure their infrastructure and processes (i.e., payments) are prepared to efficiently handle consumer demand and successfully scale,” POSaBit said Nov. 29 when announcing the collaboration.

Earlier that month, enterprise commerce technology platform Treez completed its acquisition of payment solutions platform Swifter, adding its roster of retail cannabis clients to that of Treez.

In August, it was reported that Bespoke Financial was planning to expand its B2B buy now, pay later (BNPL) offering for cannabis dispensaries in California and Massachusetts following the successful launch of a pilot of the product in July.

Similarly, days before, Aeropay joined forces with Dispense to help cannabis dispensaries offer cashless payment at checkout. This collaboration integrated Aeropay’s cannabis industry payment platform with Dispense’s cannabis eCommerce and dispensary management software.

Aeropay also teamed up with delivery service Flyhi to bring contactless, cashless cannabis delivery payments to consumers and businesses in Denver.

“Our vision has always been to facilitate better payment options for consumers and businesses,” Aeropay CEO and Founder Daniel Muller said Aug. 17 when announcing the partnership. “Reliance on cash payments is a major burden for most cannabis businesses, and we’re proud to partner with Flyhi to create a cashless cannabis delivery experience that is safe, compliant and cashless.”