Did The Senate Hit Snooze On Cannabis Banking Reform? Report Indicates It Will Be Pushed To September
Portfolio Pulse from Todd Harrison
The Senate Banking, Housing & Urban Affairs Committee has delayed a vote on cannabis banking reform until after the August recess. This news led to a 5% drop in the cannabis sector, with the MSOS ETF (NYSE:MSOS) finishing 1.6% lower. The delay is seen as a blow to the cannabis industry, particularly for all-cash businesses and investors.
July 21, 2023 | 6:37 pm
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NEGATIVE IMPACT
The MSOS ETF (NYSE:MSOS) finished 1.6% lower following the news of the delayed vote on cannabis banking reform. This could potentially impact the ETF's performance in the short term.
The delay in the vote on cannabis banking reform has caused a negative reaction in the cannabis sector, leading to a drop in the MSOS ETF. This suggests that the ETF's performance is closely tied to regulatory developments in the cannabis industry, making it likely that the ETF's performance will be negatively impacted in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80