Cannabis stocks gain as banking bill finds traction in Senate, but House OK looks challenging

Cannabis stocks advanced Thursday, helped by news that a key Senate committee could soon vote to advance a widely followed bill that aims to make it easier for the financial industry to work with cannabis companies.

Brown’s committee could vote on the bill as soon as Sept. 20, and it would be expected get the panel’s OK because the chair “would not schedule it for a vote unless he was confident of passage,” Jaret Seiberg, an analyst at TD Cowen Washington Research Group, said in a note Thursday. In a floor speech on Tuesday about his current priorities, Schumer, a New York Democrat, mentioned “making progress on cannabis through the SAFE Banking Act.”

The most likely path forward for the legislation will be as a provision in a big year-end package in 2024 that’s enacted during a lame-duck session, according to the analyst. Even that route looks like “an uphill fight,” he added.

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