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News on cannabis stocks and on developments in the industry haven’t let up in today’s volatile markets. Here are this week’s stories that we believe will mean most to you as a Canadian investor.

1. A U.S. Congressional committee seems poised to recommend changes to federal banking laws that would allow those institutions to take on cannabis-industry firms as clients.

The committee could vote in favour of recommending the “SAFE Act”—short for the “Secure and Fair Enforcement Banking Act”—to the House of Representatives as early as Wednesday. The bill proposes letting banks service cannabis companies that are in compliance with state laws.

Still, the upper chamber of Congress, the Senate, may be less receptive to the legislation than the House, which is expected to pass the bill once it clears the committee.  Senate Majority Leader Mitch McConnell has voiced opposition to debating cannabis, which may mean the Safe bill would need to be presented as part of a larger piece of legislation.

Cannabis industry players have billed Safe as a key first step in lowering risk for their businesses and bolstering their legitimacy.

Access to banks would also allow dispensaries, now legal in states that permit cannabis use, to offer their customers credit and debit card payment options. Banking privileges also open up the possibility of commercial borrowing at market rates for industry firms.

2. Canadian cannabis companies looking to Europe’s emerging CBD (cannabinoid compounds) market to drive future growth may face a longer wait than anticipated.

Last year Europe spent an estimated $318 million on CBD—the compound credited with medicinal properties despite having none of the psychoactive elements associated with cannabis. A forecast for $1.7 billion in sales annually by 2023 seems less certain, say analysts. They point to differing regulatory standards across the continent and a slower pace of reforms than expected.

“Europe is a very nascent cannabis market,” said Bethany Gomez, managing director at Brightfield Group, which released a report Tuesday on Europe’s legal CBD market. “It’s just starting to take off but tailwinds are there.”

Those barriers could slow the growth opportunities for Canadian firms, such as Aurora Cannabis Inc., Tilray Inc. and Canopy Growth Corp, that have already spent millions of dollars acquiring licenses to operate in European countries.

3. Cannabis oils, edibles and concentrates will soon be taxed based on the quantity of tetrahydrocannabinol (THC) present rather than by weight.

The federal government says the new rules are meant to simplify how those taxes are calculated and will make it easier for cannabis oil producers and distributors to comply. The taxes, which come into effect on May 1, apply to both medicinal and recreational cannabis products.

THC is the psychoactive compound in marijuana responsible for the high associated with pot use.

Currently, dried cannabis flower and cannabis oils are subject to a 10% excise tax on each gram or gram-equivalent, or $1 per gram—whichever is higher and regardless of the THC content.

But the Liberal government’s 2019 budget proposes that edible cannabis, cannabis extracts and cannabis topicals, all of which become legal this fall, should be taxed based on how much THC they contain.

4. Ontario’s first cannabis retail shops are set to open April 1, although several of the 25 selected licensees continue to work their way through the approvals process.

The provincial government has said that those stores failing to open on Monday could face escalating penalties.

“We’ll wait and see on April 1 how many open,” said Finance Minister Vic Fedeli. “There was prohibition for 100 years and we’re going to be in this business for 100 years. We will not rush into anything.”

Recreational cannabis can currently only be purchased legally in Ontario through a government-run website.

As part of the application process for retailers, licensees were charged a $6,000 non-refundable fee and were required to provide a $50,000 letter of credit. They also had to agree to a strict timeline to open their shops.

Failing to open a store by April 1 can result in a $12,500 draw down on that line of credit, while not opening by the end of April means applicants risk losing their $50,000 altogether.

5. A new report suggests as many as one in 5 Canadians will be cannabis users by 2025.

According to the new Ernst & Young report, the average user will also spend $1,652 a year on pot, in its varying forms. That’s up 30% from the current estimate of $1,263 in annual spending.

Researchers behind the report anticipate that demand for cannabis will continue to grow as edibles get added to the menu of legal options. Ernst & Young is also addressing concerns about what impact the black market will continue to have on legal sales.

“There’s an argument that as legal cannabis prices increase, so is spending in the illicit market, and that’s not completely true,” said Zachary Pendley, EY Canada Cannabis Real Estate and Valuation Leader. “The reality is that retail and distribution frameworks across Canada have been implemented much slower than anticipated, pushing many consumers to look for alternatives.

“As the industry matures, access to product eases and higher margin derivatives come online, we’ll see a rise in consumer spending on legal cannabis.”