Cannabis stock rise as Senate committee OKs cannabis banking bill

Cannabis stocks moved up Wednesday after the U.S. Senate Committee on Banking, Housing and Urban Affairs approved the Secure and Fair Enforcement Regulation Banking Act, now known as the SAFER Banking Act of 2023. The bill to open up the financial system to legal cannabis companies now heads to the full Senate for a vote after earlier versions of it were initially introduced on Capitol Hill a decade ago. It has been approved by the U.S. House of Representatives seven times and has yet to go to the full Senate for a vote. The AdvisorShares Pure US Cannabis ETF
MSOS,
+0.49%
was up 6% in trades shortly after the vote. The ETFMG Alternative Harvest ETF
MJ,
-0.29%
was up by 3.2%. Among individual cannabis names, Curaleaf Holdings Inc.
CURLF,
+1.79%
was up by 5.4%, Green Thumb Industries Inc.
GTBIF,
-0.45%
was up by 1%, Cresco Labs Inc.
CRLBF,
+0.48%
was up by 1%, Trulieve Cannabis Corp.
TCNNF,
+2.52%
was up by 1%, Tilray Brands Inc.
TLRY,
-1.68%
was up by 2.1%, Canopy Growth Corp.
CGC,
-2.88%
was up by 5.1% and Verano Holdings Corp.
VRNOF,
+3.44%
was up by 3.8%.