Aleksandr_Kravtsov
Editor’s note: This article was updated at 1230p ET to reflect comments by Sen. Chuck Schumer.
Canadian Licensed Producers ((LPs)) rose in the pre-market Thursday after bipartisan Senate and House lawmakers reintroduced a much-awaited banking bill to bring reforms to the cannabis industry.
Sens. Jeff Merkley (D-OR), Steve Daines (R-MT), and Reps. Dave Joyce (R-OH) and Earl Blumenauer (D-OR) refiled the bill in their respective chambers on Wednesday.
Notable gainers include: Canopy Growth (NASDAQ:CGC), Tilray (NASDAQ:TLRY) and Cronos (NASDAQ:CRON)
Other Canadian LPs: Aurora Cannabis (ACB), Sundial Growers (SNDL), OrganiGram Holdings (OGI), HEXO Corp (HEXO)
The legislation called the Secure and Fair Enforcement (SAFE) Banking Act would ensure critical banking and financial services for legal marijuana companies and protect financial institutions that deal with them from being penalized by federal officials.
“Forcing legal businesses to operate in all-cash is dangerous for our communities; it’s an open invitation to robbery, money laundering, and organized crime—and it’s way past time to fix it,” Sen. Merkley said.
“For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate,” he added.
Early Thursday afternoon, Senate Majority Leader Chuck Schumer (D-N.Y.) told reporters that the bill would also need to include criminal justice provisions, Bloomberg reported. In 2022, Schumer and several other Democratic senators were pushing for passage of the Cannabis Administration and Opportunity Act, which would deschedule marijuana as a Schedule I substance and provide criminal justice reforms.
U.S. Multi State Operators: MedMen Enterprises (OTCQB:MMNFF), Curaleaf Holdings (OTCPK:CURLF), Acreage Holdings (OTCQX:ACRHF), Cresco Labs (OTCQX:CRLBF), Green Thumb Industries (OTCQX:GTBIF), Trulieve Cannabis (OTCQX:TCNNF), Ayr Wellness (OTCQX:AYRWF), Columbia Care (OTCQX:CCHWF), TerrAscend (OTCQX:TRSSF), Clever Leaves Holdings (CLVR)
Cannabis-focused ETFs: AdvisorShares Pure Cannabis ETF (YOLO), Global X Cannabis ETF (POTX), ETFMG Alternative Harvest ETF(MJ). Amplify Seymour Cannabis ETF (CNBS), AdvisorShares Pure US Cannabis ETF (MSOS)
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