By Dean Seal
Shares of top U.S. cannabis companies advanced in early trading on Friday following a report from NBC News that the Senate banking committee will hold a session on a marijuana reform bill later this month.
Shares of Curaleaf Holdings were up 4% to $5.61, Green Thumb Industries rose 5.4% to $12.16, Trulieve Cannabis jumped 6.3% to $7.55, and Verano Holdings climbed 9.3% to $5.27.
The Senate Banking, Housing, and Urban Affairs Committee is expected to hold a markup session on the SAFE Banking Act during the week of Sept. 25, according to the NBC News report, which cited unnamed sources.
The bipartisan bill would extend banking services to legal cannabis businesses. The hearing would allow senators to debate the bill and consider amendments, according to the report, which said lawmakers from both parties have expressed confidence that the measure will pass.
Friday’s gains added to a rise seen in the sector in the last two weeks.
On August 29, the U.S. Department of Health and Human Services recommended the Drug Enforcement Agency change the regulatory status for cannabis to a Schedule 3 substance, removing it from the more restrictive Schedule I. That status is reserved for drugs with no accepted medical use and a high potential for abuse.
Following that recommendation shares of Curaleaf climbed about 98% and Greenthumb Industries about 64% as of Thursday.
Write to Dean Seal at dean.seal@wsj.com
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