Cannabis Stocks are Taking a Beating, Even as Optimism Grows Over U.S. Policy Changes
As Washington takes on the politics of cannabis, issues on both sides of the border are weighing on company shares.
Suddenly, the U.S. Senate is willing to talk about pot.
Rather unexpectedly, the Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on cannabis banking Tuesday. This marks the first time the Republican-controlled Senate has agreed to examine the so-called SAFE Act, which would allow banks to offer services to pot companies in compliance with state law.
“On the legislative front, it is evident that the politics of cannabis is undergoing a transformation that is almost unparalleled in Washington,” Cowen & Co. analyst Jaret Seiberg said in a policy outlook call with reporters last week. “This has gone from an issue that Capitol Hill did not take seriously to one that is driving legislation and elections, and this all happened in the last two years.”
– Read the entire article at Financial Post.