The Financial Post reports in its Tuesday, July 23, edition that the United States Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on cannabis banking Tuesday. A Bloomberg dispatch to the Post reports that this marks the first time the Republican-controlled Senate has agreed to examine the so-called SAFE Act, which would allow banks to offer services to pot companies in compliance with state law. Cowen & Co. analyst Jaret Seiberg says: "On the legislative front, it is evident that the politics of cannabis is undergoing a transformation that is almost unparalleled in Washington. This has gone from an issue that Capitol Hill did not take seriously to one that is driving legislation and elections, and this all happened in the last two years." While Mr. Seiberg does not believe cannabis will be legalized until after the 2020 election, he said narrower measures like the Secure and Fair Enforcement Banking Act could be implemented before then. That would be a clear signal to the industry that politicians are increasingly open to federal legalization. However, the growing optimism around U.S. policy changes is not helping cannabis stocks, which have taken a beating in recent weeks.