Marijuana Stocks Up After Banking Reform Progress
April 09 2024 - 6:05AM
IH Market News
Stocks in cannabis companies jumped on Monday because of news on
the marijuana banking reform in Congress. Senate Majority Leader
Chuck Schumer (D-N.Y.) said that the Senate is on course to pass
new cannabis banking rules soon.
While this isn’t the first time announcements on progress have
been made, only for nothing much to happen, investors jumped on
this news and as a result stocks on cannabis company were up.
Canopy Growth (NASDAQ:CGC), Cronos Group (NASDAQ:CRON) and
Aurora Cannabis (NASDAQ:ACB) all benefited.
The House of Representatives has passed versions of the Secure
And Fair Enforcement Regulation (SAFER) Banking Act seven times in
the past, but they have all failed in the Senate. However, the
current act has bipartisan Congressional support and could pass in
the coming months. This would allow marijuana companies to take out
loans and use other banking services, lowering the cost of doing
business and thus improving the companies’ profits.
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