CRLBF - Why Green Thumb Industries Curaleaf and Cresco Labs Plunged Today
Shares of leading U.S. multistate cannabis operators Green Thumb Industries (OTC: GTBIF) , Curaleaf (OTC: CURLF) , and Cresco Labs (OTC: CRLBF) all plunged on Tuesday, trading down by about 13%, 11.4%, and 12%, respectively, as of 2 p.m. ET.
Those across-the-board declines eliminated most of the significant short-term gains those stocks made in recent days on the back of commentary out of Washington suggesting that the Secure and Fair Enforcement (SAFE) Banking Act could be passed during the lame-duck Congressional session. However, on Tuesday, those hopes were dashed.
In recent weeks, there was a lot of optimism that the SAFE Banking Act's provisions -- which would indemnify national banks from liability in working with cannabis companies in states that have legalized the drug -- might pass Congress during its December session. Recently, it appeared as though there was momentum behind efforts to attach those provisions to the National Defense Authorization Act (NDAA) that Congress is working on now.
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Why Green Thumb Industries, Curaleaf, and Cresco Labs Plunged Today