North American cannabis stocks rallied late last week on news...

North American cannabis stocks rallied late last week on news that Senate Majority Leader Chuck Schumer encouraged voters to sign a petition supporting the SAFER Banking Act

The new email highlighted a step up in the push for legislation and reiterated his support for comprehensive federal cannabis legislation

The SAFER Banking Act aims to normalise financial transactions for cannabis businesses in the US and potentially stimulate significant industry growth

As one of the only ASX-listed companies with North American cannabis operations, Melodiol could benefit from positive changes in regulation

Melodiol’s wholly-owned subsidiary, Mernova Medicinal Inc. has an established product suite of dried cannabis flower and pre-rolled joints which are already sold in all major Canadian provinces

Any change in regulations that allowed Melodiol to participate in the US cannabis market would potentially allow Melodiol to leverage best practices from Mernova