HomeMarket NewsMicro Cap StocksCannabis Stocks Jump As Senate Committee Approves Cannabis Banking Bill

Cannabis Stocks Jump As Senate Committee Approves Cannabis Banking Bill

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Cannabis stocks in the United States experienced a significant jump on Wednesday following the approval of the Secure and Fair Enforcement Regulation (SAFER) Banking Act by the Senate Banking Committee. However, they later retreated.

Companies such as Canopy Growth Corp (CGC), Cronos Group Inc (CRON), Aurora Cannabis Inc (ACB), SNDL Inc (SNDL), and Tilray Brands Inc (TLRY) saw gains between 3% and 6.5%. The AdvisorShares Pure US Cannabis ETF (MSOS) also spiked 6% after the vote.

The bipartisan SAFER Banking Act, which was introduced by a group of senators last week, will now move to the Senate floor for further consideration.

This regulatory milestone, which has been in progress for nearly a decade, holds immense potential for the $1 billion cannabis industry that has operated on a cash-only basis until now.

Surprising? Since its inception, the growing marijuana industry has been deprived of access to banking services, credit, financial institutions, and tax advantages.

Leaders in the cannabis industry, many of whom are attending the Benzinga Cannabis Capital Conference in Chicago on Wednesday and Thursday, are delighted with the Senate Banking Committee’s decision.

β€œToday’s decision to pass SAFE(R) by the Senate Banking Committee takes us one step closer to a safer industry for all,” said Curaleaf Holdings Inc (CURLF) CEO Matt Darin. β€œWhile the work doesn’t stop here, let’s take a moment to appreciate this milestone and the hard work that has contributed to reaching this point. Thank you!”

To learn more about the cannabis bill and its impact on the industry, you can watch the live coverage of the Cannabis Capital Conference in Chicago. Existing subscribers can access it directly through our research platform, while new users can sign up for instant access!

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