Canadian cannabis companies are cheering the reintroduction of the SAFE Banking Act to the U.S. House of Representatives today.

The act proposes offering safe harbour to financial institutions like banks and insurance companies, who provide services to cannabis businesses and has long been seen as helpful for Canadian pot companies looking to expand to the U.S.

The National Cannabis Industry Association says the bill was previously approved by the house in a 321-103 vote in September 2019 and then headed to the senate, but didn't move forward and had to be tabled again because of the COVID-19 pandemic.

Aurora Cannabis Inc. says in a statement that it sees the reintroduction as a step in the right direction and it is optimistic more cannabis-friendly legislation will soon follow.

The Edmonton-based company says it will keep assessing opportunities to participate in the U.S. cannabis market while it awaits the bill's reintroduction to the senate and its potential adoption.

Canopy Growth Corp. vice-president of international government relations David Culver says in an email that he sees the bill as integral to the success of the cannabis industry and essential for positively impacting social equity.