Why Are Cannabis Stocks Trading Higher Today?

Cannabis stocks shot up in Thursday's pre-market and are holding.

Here's why: A group of bipartisan lawmakers introduced a marijuana cannabis banking bill in Congress on Wednesday, under which, financial institutions would be allowed to provide banking and financial services to legal cannabis businesses. 

"This legislation will save lives and livelihoods. It is past time that Congress addresses the irrational, unfair, and unsafe prohibition of basic banking services to state-legal cannabis businesses,” stated Congressman Earl Blumenauer (D-OR), founder and co-chair of the Congressional Cannabis Caucus. "The House has passed the SAFE Banking Act on a bipartisan basis seven times. I am delighted that the Senate is joining us in making it a priority.”

Biggest winners:

  • WM Technology, Inc. MAPS jumped 13.36% to $0.7 in pre-market trading.

  • Leafly Holdings, Inc. LFLY gained 7.73% to $0.35 in pre-market trading.

  • Tilray Brands, Inc. TLRY rose 7.33% to $2.34 in pre-market trading.

  • Canopy Growth Corporation CGC gained 6.18% to $1.3485 in pre-market trading.

  • Cronos Group Inc. CRON rose 4.62% to $1.81 in pre-market trading

  • BYND Cannasoft Enterprises Inc BCAN climbed 7.75% to $3.06 in pre-market trading.

Other stocks moving slightly higher:

  • Flora Growth Corp. FLGC gained 2.1% to $0.2144 in pre-market trading.

  • Aurora Cannabis Inc. ACB rose 1.75% to $0.5801 in pre-market trading.

  • Clever Leaves Holdings Inc. CLVR gained 3.49% to $0.3057 in pre-market trading.

  • InterCure Ltd. INCR rose 2.22% to $2.3 in pre-market trading.

  • HEXO Corp. HEXO gained 3.45% to $1.2 in pre-market trading.

  • Organigram Holdings Inc. OGI rose 3.24% to $0.52 in pre-market trading.



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Posted In: CannabisNewsPenny StocksPoliticsSmall CapMarketsGeneralEarl BlumenauerpremiumWhy is it moving? SAFE Banking Act
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