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.
Among individual stocks, Curaleaf Holdings CURLF, +7.31% rose 6%, Green Thumb Industries GTBIF, +2.39% advanced by 4.7%, Trulieve Cannabis Corp. TCNNF, +8.10% rose 5.2%, Cresco Labs Inc. CRLBF, +7.89% rose by 9% and Verano Holdings Corp. VRNOF, +3.79% rose 5.2% and TerrAscend TRSSF, +12.86% rose 10%.
While the U.S. House of Representatives has passed the SAFE Banking measure several times, it has yet to clear the Senate. “As has been the case for a few months, [the] industry is arguing that capital markets access is critical to achieving social justice objectives,” Seiberg said. “This is because those with licenses reserved for minorities are having troubleinvestors. We still see this as an uphill push, but also believe that capital markets access becomes inevitable if SAFE Banking passes.”
In other positive cannabis developments, a study by the American Medical Association has shown lower use of opioid drugs by cancer patients in states with medical cannabis programs.
This has been a long one in the making. Many years waiting.. cannabisindustry