CLVR - Cannabis stocks jump as bipartisan SAFE banking act reintroduced
2023-04-27 07:53:51 ET
Canadian Licensed Producers ((LPs)) rose in the pre-market Thursday after bipartisan Senate and House lawmakers reintroduced a much-awaited banking bill to bring reforms to the cannabis industry.
Sens. Jeff Merkley (D-OR), Steve Daines (R-MT), and Reps. Dave Joyce (R-OH) and Earl Blumenauer (D-OR) reintroduced the bill in their respective chambers on Wednesday.
Notable gainers include: Canopy Growth ( NASDAQ: CGC ), Tilray ( NASDAQ: TLRY ), Cronos ( NASDAQ: CRON )
Other Canadian LPs: Aurora Cannabis ( ACB ), Sundial Growers ( SNDL ), OrganiGram Holdings ( OGI ), HEXO Corp ( HEXO )
The legislation called the Secure and Fair Enforcement (SAFE) Banking Act would allow legal marijuana companies to access critical banking and financial services and protect financial institutions that deal with them from being penalized by federal officials.
“Forcing legal businesses to operate in all- cash is dangerous for our communities; it’s an open invitation to robbery, money laundering, and organized crime—and it’s way past time to fix it,” Sen. Merkley said.
“For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate,” he added.
U.S. Multi State Operators: MedMen Enterprises ( OTCQB:MMNFF ), Curaleaf Holdings ( OTCPK:CURLF ), Acreage Holdings ( OTCQX:ACRHF ), Cresco Labs ( OTCQX:CRLBF ), Green Thumb Industries ( OTCQX:GTBIF ), Trulieve Cannabis ( OTCQX:TCNNF ), Ayr Wellness ( OTCQX:AYRWF ), Columbia Care ( OTCQX:CCHWF ), TerrAscend ( OTCQX:TRSSF ), Clever Leaves Holdings ( CLVR )
Cannabis-focused ETFs: AdvisorShares Pure Cannabis ETF ( YOLO ), Global X Cannabis ETF ( POTX ), ETFMG Alternative Harvest ETF( MJ ). Amplify Seymour Cannabis ETF ( CNBS ), AdvisorShares Pure US Cannabis ETF ( MSOS )
More on SAFE
- Sen Schumer makes final effort to get SAFE Banking Act passed for cannabis businesses
- SAFE Plus cannabis legislation could be gaining ground in the Senate
- Innovative Industrial Properties: SAFE Banking And Its Cannabis Dividend
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Cannabis stocks jump as bipartisan SAFE banking act reintroduced