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Canopy, Tilray lead pot stocks higher on signs key U.S. banking legislation could pass this time

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Pot stocks jumped on signs that a key U.S. bill that failed several times to pass and weighed on the sector could win enough support. Read on.

The Roundhill Cannabis ETF is up as much as 14 per cent, its largest intraday jump in six months, after a bipartisan group of senators reintroduced the SAFE Banking act. The MJ PurePlay 100 Index, which includes 100 cannabis-related stocks, is up nearly eight per cent.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

“Reintroduction of SAFE Banking, as well as the potential for a hearing, seemingly suggest a possible pathway for passage of the SAFE Banking Act this year,” Benjamin Salisbury of Height Commentary said in a note. While an earlier version of SAFE has passed the House multiple times, it’s now gaining support in the Senate and may be nearing the 60 votes needed to pass. The act would allow legal cannabis companies to access banking and financial services they’ve been barred from because marijuana remains illegal at the federal level. The reintroduced legislation includes Community Development Financial Institutions and Minority Depository Institutions.

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