Will Cannabis Be Impacted By Kevin McCarthy's Ouster?: This Week in Cannabis Investing

A cannabis banking bill could feel the reverberations from the removal of McCarthy as speaker of the House.

Gavel next to pile of marijuana and stack of dollar bills
(Image credit: Getty Images)

On an autumn Tuesday evening in the nation's capital, history was made. By a narrow vote of 216-210, members of the U.S. House of Representatives approved a motion to remove Rep. Kevin McCarthy as the speaker of the House. Never before has the U.S. House of Representatives removed an active speaker and the consequences of doing so could have a lasting effect – particularly on cannabis.

Our concerns about federal progress within the cannabis industry are well documented. The U.S. House of Representatives has changed significantly since it passed the Secure and Fair Enforcement (SAFE) Banking Act multiple times over the years. The congressional body seemingly deteriorated further as key members negotiated a federal spending bill that will keep the lights on until November 17. With McCarthy's removal fresh on the minds of federal lawmakers, there's no guarantee that another federal spending bill will be approved before the winter holiday season.

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Morgan Paxhia
Contributing Writer

Morgan Paxhia is Managing Director and Co-Founder of Poseidon Investment Management. With over 10 years experience in investing and finance, Morgan has developed a deep understanding of individual company analysis, portfolio construction, and risk mitigation. This content is not intended to provide any investment, financial, legal, regulatory, accounting, tax or similar advice, and nothing should be construed as a recommendation by Poseidon Investment Management, LLC, its affiliates, or any third party, to acquire or dispose of any investment or security, or to engage in any investment strategy or transaction. An investment in any strategy involves a high degree of risk and there is always the possibility of loss, including the loss of principal. This content should not be considered as an offer or solicitation to purchase or sell securities or other services. Any of the securities identified and described herein are for illustrative purposes only.  Their selection was based upon nonperformance-based objective criteria. The content presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Past performance is not indicative of future results.