Canopy Growth Corp (WEED)

[john1311]

Senate Majority Leader Chuck Schumer on Sunday said that the Senate is very close to agreeing on legislation that would allow cannabis businesses access to the US banking system based on discussions with some Republican senators.

"I am working in a bipartisan way with Democrats and Republicans to take the SAFE Banking Act, which allows financial institutions to involve themselves in cannabis companies and lend money to them—but it also does some things for justice, such as expunging a record," Schumer said Sunday evening in a televised debated with Republican challenger Joe Pinion.

The legislation that Schumer is talking about is similar to the SAFE Banking Plus legislation that has been floated around. It includes both banking reform and marijuana conviction expungements.

However, this legislation is unlikely to include language related to federal marijuana legalization, according to Marijuana Moment.

Most of the major cannabis multi-state operators are up on Schumer's comments in Monday trading.

Multi-state operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX:CCHWF); Trulieve Cannabis (OTCQX:TCNNF); Green Thumb Industries (OTCQX:GTBIF); Curaleaf Holdings (OTCPK:CURLF); MedMen Enterprises (OTCQB:MMNFF); Acreage Holdings (OTCQX:ACRHF); Ayr Wellness (OTCQX:AYRWF); Verano Holdings (OTCQX:VRNOF); and Jushi Holdings (OTCQX:JUSHF).

Cannabis-related ETFs: AdvisorShares Pure Cannabis ETF (YOLO), Amplify Seymour Cannabis ETF (CNBS), ETFMG Alternative Harvest ETF (NYSEARCA:MJ), AdvisorShares Pure US Cannabis ETF (MSOS), and Global X Cannabis ETF (POTX).

Cannabis stocks recently got a boost in the wake of Canopy Growth's (CGC) acquisition of Acreage Holdings (OTCQX:ACRHF).

https://seekingalpha.com/news/3897904-schumer-says-getting-very-close-to-passing-marijuana-banking-bill-in-senate?mailingid=29546610&messageid=2900&serial=29546610.14563&utm_campaign=rta-stock-news&utm_content=link-1&utm_medium=email&utm_source=seeking_alpha&utm_term=29546610.14563