By Victor Reklaitis
Marijuana stocks trade sharply higher Friday
The Senate Banking Committee looks set to vote in a week and a half to advance a much-anticipated bill that aims to make it easier for the financial industry to work with cannabis companies.
The committee's vote on the SAFE Banking Act is expected to take place on Sept. 27, according to a Politico report. Another report from Punchbowl News said that's the planned date for action, but the timing could shift a bit.
After the committee votes, the cannabis banking bill should have enough votes to pass in the full Democratic-run Senate, according to a separate report from NBC News.
But leaders of the Republican-run House of Representatives are "either agnostic or opposed" to the measure, a TD Cowen analyst has warned, and that "makes passage challenging, which is why the best window may be after next year's election," meaning potentially in December 2024.
Last December, the cannabis banking bill was left out of a sprawling year-end package, a development that weighed on pot stocks.
On Friday, the AdvisorShares Pure U.S. Cannabis exchange-traded fund MSOS was up by 7%, while the ETFMG Alternative Harvest ETF MJ gained 4%. Shares of Tilray Brands (TLRY), Green Thumb Industries , Curaleaf and Canopy Growth (WEED.T) were also trading sharply higher.
Steve Gelsi contributed.
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September 15, 2023 10:30 ET (14:30 GMT)
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