Cannabis Stocks Move As Schumer Pledges To Bring Bill To Senate Floor: Expect GOP Pushback
Portfolio Pulse from Maureen Meehan
Senate Majority Leader Chuck Schumer has pledged to bring the bipartisan banking bill, which could benefit the cannabis industry, to the Senate floor soon. This news initially caused a surge in cannabis stocks, but they have since leveled off. The AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) is down 0.99% at $8.01. However, several GOP senators have vowed to oppose the legislation, citing concerns about liberalizing drug laws and compromising the integrity of the US banking system.
September 27, 2023 | 5:40 pm
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The AdvisorShares Pure US Cannabis ETF (MSOS) saw a decrease in its stock price following the news of potential GOP opposition to the banking bill that could benefit the cannabis industry.
The banking bill, if passed, could significantly benefit the cannabis industry by providing access to traditional financial resources. However, strong opposition from GOP senators could hinder its passage, creating uncertainty for cannabis-related investments like MSOS. This uncertainty likely contributed to the decrease in MSOS's stock price.
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