Cannabis Watch: Cannabis stocks rally on fresh talk of including banking rules in military spending measure

by | Dec 5, 2022 | Stock Market

Cannabis stocks rallied on Monday amid fresh speculation that a long-awaited measure to open up the banking system to cannabis companies may be headed toward becoming law. Reports surfaced over the weekend that versions of the Secure and Fair Enforcement Banking Act (SAFE Banking Act) may be included in the National Defense Authorization Act (NDAA), which is expected to be introduced this week in the House rules committee.

The AdvisorShares Pure U.S. Cannabis ETF
bucked a downtrend in the broad equities market on Monday and rallied 6.3%. Among individual stocks, Curaleaf Holdings
rose 6%, Green Thumb Industries
advanced by 4.7%, Trulieve Cannabis Corp.
rose 5.2%, Cresco Labs Inc.
rose by 9% and Verano Holdings Corp.
rose 5.2% and TerrAscend
rose 10%. Among Canadian cannabis companies, Tilray Brands Inc.
jumped 6.8% and Canopy Growth Corp.
moved up by 5.5%. Also Read: Cannabis banking bill and retirement package both could actually pass Congress by year’s end, analysts say While the U.S. House of Representatives has passed the SAFE Banking measure several times, it has yet to clear the Senate. That effort was boosted by reports in recent days that Sen. Chuck Schum …

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