SNDL - Canopy Growth leads cannabis rally as Senator backs compromise legislation
- Cannabis companies in both the U.S. and Canada have traded sharply higher on Monday in a move attributed to the recent remarks made by Sen. Cory Booker on marijuana reforms. Today's cannabis rally comes hours after the Senate Democrats passed a sweeping climate and economic package on Sunday.
- Notable gainers include Canopy Growth ( NASDAQ: CGC ), GrowGeneration ( GRWG ), Sundial Growers ( SNDL ), HEXO Corp ( HEXO ), Aurora Cannabis ( ACB ), Tilray ( TLRY ), and Global X Cannabis ETF ( POTX ).
- Speaking to Cheddar News on Friday, Booker hinted at a compromise on marijuana legislation this year.
- The bill he identified as "SAFE Banking Plus" would include marijuana business banking and criminal justice reform provisions.
- In addition, Booker suggested that the bill should include measures to provide Small Business Administration loans to small businesses and noted a relatively short window for enacting cannabis reform before the Senate's new term starts in Jan. 2023.
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Canopy Growth leads cannabis rally as Senator backs compromise legislation