Weed stocks surged after a key piece of legislation was reintroduced in U.S. Congress that would open up banking services to the legal cannabis industry.
The Roundhill Cannabis ETF is up as much as 14 per cent, its largest intraday jump in six months, after a bipartisan group of senators reintroduced the SAFE Banking act. The MJ PurePlay 100 Index, which includes 100 cannabis-related stocks, is up nearly 8 per cent.
“Reintroduction of SAFE Banking, as well as the potential for a hearing, seemingly suggest a possible pathway for passage of the SAFE Banking Act this year,” Benjamin Salisbury of Height Commentary said in a note.
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