Some good news came in for the US cannabis industry in April when New York lifted the longtime ban and legalized adult-use cannabis within the state, opening the doors for multi-billion dollar opportunities.

That wasn’t the only good news affecting the market either. Cannabis continues to develop as an industry, even amidst the pandemic. Although it was an unpredicted and unprecedented event, the COVID-19 pandemic has had a silver lining for those working in the cannabis industry. While many were forced to close their businesses and lay off workers, many cannabis businesses found themselves designated as “essential” by their states and were allowed to keep operating. Not only did this help many cannabis-related businesses survive this difficult period, but being “deemed” essential was a sign that the states were taking the benefits of cannabis seriously.

Recreational users weren’t the only ones purchasing during this difficult time; medical cannabis patients were able to keep access to their life-improving products. The medical patients have been the cornerstone of the industry as it has pushed into the mainstream while maintaining it as an essential. Other trends have shown the positive impact of the cannabis industry in ways that were unexpected, such as the study showing a decrease in workers’ compensation claims in states that had legalized adult use cannabis.

One element that remains uncertain as the billion-dollar cannabis industry continues to grow is the position of the Biden administration. President Joe Biden took office at a time when his party controlled the majority in the House of Representatives and the Senate, so many have been hopeful to see bipartisan bills get passed. So far, that hasn’t happened yet.

The Small Business Tax Equity Act and the Secure and Fair Enforcement (SAFE) Banking Act are both past bills that found bipartisan support in the House but entered into a gridlocked, contentious Senate. Both focus on giving cannabis businesses access to the services of financial institutions that have not readily accepted them with the currently vague as-written rules. These bills have previously died in committee, but they could be revived for another shot.

Another bill called the Clarifying Law Around Insurance of Marijuana (CLAIM) Act would open up business insurance options for cannabis operators and cannabis-related businesses. While many larger insurers have been hesitant to take on cannabis clients, the risk is actually lower than some might think. Due to the high scrutiny these businesses receive from the states they operate in, they are more likely to be compliant and have proper protocols in place for handling emergency situations.

It’s unclear how Democrats want to handle the majority power in regards to cannabis legislation; they may seek to combine these bills and others as part of a larger reform. What is clear is that reform must come from Congress, and Biden seems likely to sign. Making the business side of cannabis make sense and function well is a bipartisan issue.

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Which of these bills do you think will pass first? Or will they all pass together? Let us know your prediction in the comments below.