ACB - Why Canopy Growth Cronos and Aurora Cannabis Stocks Popped on Monday
2024-04-08 12:15:02 ET
Marijuana stocks glowed green again on Monday due to news of progress on marijuana banking reform in Congress. According to Senate Majority Leader Chuck Schumer (D-N.Y.), the Senate is on course to pass new cannabis banking rules in the not-too-distant future. And while we've heard this song before, investors are starting to hum along again anyway.
As of 10:35 a.m. ET, shares of Canopy Growth (NASDAQ: CGC) were up about 0.3%, Cronos Group (NASDAQ: CRON) shares had gained 1.7%, and Aurora Cannabis (NASDAQ: ACB) was doing best of all -- up 6.5%.
In an article on Friday, cannabis-focused news site Marijuana Moment described how the Secure And Fair Enforcement Regulation (SAFER) Banking Act has bipartisan Congressional support, and could be passed in the coming months. The House of Representatives has passed versions of this law seven times, but all have failed in the Senate. This time around, SAFER has passed a vote before the Senate Banking Committee and is ready for the full Senate. If passed, it would permit marijuana companies to take out loans and use other banking services, lowering their cost of doing business, possibly lowering costs for consumers -- and improving profits for marijuana companies.
For further details see:
Why Canopy Growth, Cronos, and Aurora Cannabis Stocks Popped on Monday