Proactive Investors - Cannabis multi-state operator (MSO) stocks are set to end another week on a high on renewed optimism around marijuana banking reform.
The Senate Banking Committee is expected to hold a markup session for the Secure and Fair Enforcement (SAFE) Banking Act in the week starting September 25, according to sources with knowledge of the matter.
The markup session is scheduled for September 27, Politico reported.
If approved by the Committee, the proposal would progress to the Senate for a full vote, which Senate Majority Leader Chuck Schumer promised would take priority in the fall session.
The bill would support easier access to capital for cannabis operators by removing penalties for banks and financial institutions providing services to legitimate cannabis-related businesses.
According to an NBC News report, the bill is supported by both Republican and Democratic Committee members.
Senator Steve Daines told the publication he was confident it would also pass a full vote in the Senate, stating: “We’ve got enough votes to get it passed.”
Along with optimism around the potential rescheduling of marijuana as a lower-risk drug in the United States, this news spurred cannabis MSOs higher on Friday.
At noon, Aurora Cannabis Inc (TSX:TSX:ACB, NASDAQ:ACB) soared 15.7%, Verano Holdings Corp (CSE:VRNO, OTCQX:VRNOF) gained 12.6%, Ayr Wellness Inc. (CSE:AYR.A, OTCQX:AYRWF) added 10.5%, and Jushi Holdings Inc (CSE:JUSH, OTCQX:JUSHF) added 9.5%,
Trulieve Cannabis Corp. (CSE:TRUL) added 7.8%, Canopy Growth (TSX:WEED) Corporation (TSX:WEED, NYSE:CGC) was up 7.2%, Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) had added 6%, and Curaleaf (CSE:CURA) Hldgs Inc. (CSE:CURA, OTCQX:CURLF) added 4.8%.
Columbia Care Inc (CSE:CCHW, OTCQX:CCHWF, NEO:CCHW) added 1.9% and Tilray Inc (NASDAQ:TSX:TLRY) was up 1.3%, while TerrAscend Corp. (CSE:TER, OTCQX:TRSSF) added 0.5%.