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Cannabis shares rallied for the second day in a row on Wednesday, stoked by news that Senate Majority Leader Chuck Schumer reportedly remarked on the Senate floor Tuesday that he hoped to make progress on advancing marijuana legislation such as the SAFE Banking Act.
Schumer made the remarks a day after Sen. Sherrod Brown, chairman of the Senate Banking Committee, told reporters that hoped to advance cannabis banking legislation within the next six weeks, according to cannabis news outlet Marijuana Moment.
Shares of Medical Marijuana (OTCPK:MJNA) jumped 28% in midday trading Wednesday, with Ayr Wellness (OTCQX:AYRWF) climbing 13% and Cresco Labs (OTCQX:CRLBF) advancing 16%. Also gaining significant ground were Leafly (LFLY), Canopy Growth (CGC), Jushi (OTCQX:JUSHF), Columbia Care (OTCQX:CCHWF), Trulieve (OTCQX:TCNNF) and Acreage Holdings (OTCQX:ACRHF).
Cannabis stocks have been on a tear since last week, when Bloomberg reported that the US Department of Health and Human Services had sent a letter to the Drug Enforcement Administration recommending that marijuana be reclassified as a Schedule III drug under the Controlled Substances Act, on par with drugs like Tylenol with codeine. Marijuana is currently listed as a Schedule 1 drug, a category that includes drugs like heroin and LSD.
The stocks got another boost last Friday, when White House Press Secretary Karine Jean-Pierre reportedly told reporters that President Biden supported legalizing marijuana for medical purposes.
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