U.S. cannabis stocks jumped Wednesday following the Senate Banking Committee approval of the Secure and Fair Enforcement Regulation (SAFER) Banking Act before pulling back.
Such companies as Canopy Growth Corp (NASDAQ: CGC), Cronos Group Inc (NASDAQ: CRON), Aurora Cannabis Inc (NASDAQ: ACB), SNDL Inc (NASDAQ: SNDL) and Tilray Brands Inc (NASDAQ: TLRY) scooted up between 3% and 6.5%. The AdvisorShares Pure US Cannabis ETF (NYSE: MSOS) spiked 6% following the vote.
The SAFER Banking Act, introduced by a bipartisan group of senators last week, will now move to the Senate floor.
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