Chuck Schumer Pushes For Cannabis Banking In His Weekly 'Dear Colleague' Letter
Portfolio Pulse from Maureen Meehan
Senate Majority Leader Chuck Schumer has reiterated his call for the passage of a cannabis banking bill. This comes in the wake of the Department of Health and Human Services recommending the reclassification of marijuana as a Schedule III drug under the Controlled Substances Act. The news has led to a surge in cannabis stocks, with the AdvisorShares Pure US Cannabis ETF (NASDAQ: MSOS) seeing a rise of over 14%.
September 01, 2023 | 4:36 pm
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POSITIVE IMPACT
The AdvisorShares Pure US Cannabis ETF (NASDAQ: MSOS) saw a surge of over 14% following the news of potential cannabis banking legislation and the reclassification of marijuana.
The potential for cannabis banking legislation and the reclassification of marijuana could significantly impact the legal cannabis industry, leading to a surge in related stocks and ETFs. As such, MSOS, which is directly tied to the US cannabis industry, saw a significant increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100