Shares of several cannabis companies including Tilray Brands Inc TLRY, Canopy Growth Corp CGC and Aurora Cannabis Inc ACB are trading higher Monday following reports that Senate Majority Leader Chuck Schumer said Congress is "very close" to passing a marijuana banking and expungements bill.
"We are getting very close,” Schumer reportedly said in a debate on Sunday.
"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."
The SAFE Plus bill that Schumer is working to finalize is not expected to include language that would federally legalize marijuana, but it's a step in the right direction for cannabis companies.
“We may be able to get something done rather soon. I’m working with a bunch of Republican senators, a bunch of Democratic senators, to get something passed," Schumer said.
TLRY, CGC, ACB Price Action: At time of publication, Tilray was up 11.8% at $4.06, Canopy Growth was up 16.2% at $3.66 and Aurora was up 8.2% at $1.39.
Photo: TinaKru from Pixabay.
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