Cannabis Stocks Jump As Senate Committee Approves Cannabis Banking Bill
Portfolio Pulse from Maureen Meehan
The Senate Banking Committee has approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act, causing a surge in U.S. cannabis stocks. Companies such as Canopy Growth Corp, Cronos Group Inc, Aurora Cannabis Inc, SNDL Inc, and Tilray Brands Inc saw increases between 3% and 6.5%. The AdvisorShares Pure US Cannabis ETF also spiked 6% following the vote. The Act, which has been in the works for nearly a decade, could greatly benefit the $1-billion cannabis industry that has been operating on a cash-only basis.
September 27, 2023 | 4:27 pm
News sentiment analysis
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POSITIVE IMPACT
Aurora Cannabis Inc's stock price increased following the approval of the SAFER Banking Act.
The approval of the SAFER Banking Act is a positive development for the cannabis industry, which includes Aurora Cannabis Inc. This could lead to increased business opportunities and growth for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Canopy Growth Corp's stock price increased following the approval of the SAFER Banking Act.
The approval of the SAFER Banking Act is a positive development for the cannabis industry, which includes Canopy Growth Corp. This could lead to increased business opportunities and growth for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Cronos Group Inc's stock price increased following the approval of the SAFER Banking Act.
The approval of the SAFER Banking Act is a positive development for the cannabis industry, which includes Cronos Group Inc. This could lead to increased business opportunities and growth for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Curaleaf Holdings Inc's CEO expressed positive sentiments following the approval of the SAFER Banking Act.
The approval of the SAFER Banking Act is a positive development for the cannabis industry, which includes Curaleaf Holdings Inc. This could lead to increased business opportunities and growth for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The AdvisorShares Pure US Cannabis ETF spiked 6% following the approval of the SAFER Banking Act.
The approval of the SAFER Banking Act is a positive development for the cannabis industry, which includes the AdvisorShares Pure US Cannabis ETF. This could lead to increased business opportunities and growth for the ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
SNDL Inc's stock price increased following the approval of the SAFER Banking Act.
The approval of the SAFER Banking Act is a positive development for the cannabis industry, which includes SNDL Inc. This could lead to increased business opportunities and growth for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Tilray Brands Inc's stock price increased following the approval of the SAFER Banking Act.
The approval of the SAFER Banking Act is a positive development for the cannabis industry, which includes Tilray Brands Inc. This could lead to increased business opportunities and growth for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100