Why Are Cannabis Stocks Down Today?

SAFE Banking legislation is running into trouble

  • Cannabis stocks are sliding on legislation news.
  • The SAFE Banking bill appears unlikely to make it through Congress this year.
  • This news comes after a failed attempt to attach the legislation to the defense budget bill last week.
 

 

Source: Bukhta Yurii/Shutterstock

Cannabis stocks aren’t doing so hot on Wednesday. It appears that banking legislation is unlikely to pass this year.

Supporters of the SAFE Banking bill have been attempting to add it to other legislation moving through Congress. However, it has been a rough road, with it missing out on a chance to be added to the defense budget bill last week.

The last hope for this legislation to pass this year is it being added to an omnibus spending package. Unfortunately, though, it seems like this probably won’t happen. That has shares of cannabis stocks down today.

Why is this news affecting pot stocks? The SAFE Banking legislation would open up marijuana companies to more investing options. This would make it easier for these companies to gain institutional investors and funding for their businesses.

Let’s check out how pot stocks are reacting to today’s news below!

Cannabis Stocks Down on Wednesday

  • Tilray (NASDAQ:TLRY) stock starts us off, with shares falling 3.5% as of Wednesday afternoon.
  • Aurora Cannabis (NASDAQ:ACB) stock is next on our list. Shares are dropping around 1% as of this writing.
  • Canopy Growth (NASDAQ:CGC) stock closes out this list with the pot stock’s shares taking a 4.1% beating.

Investors seeking more of the latest stock market news are going to want to stick around!

 

InvestorPlace is home to all of the hottest stock market news traders need to know about on Wednesday! Among that is what has shares of Mullen Automotive (NASDAQ:MULN), Drive Shack (NYSE:DS) and SoFi Technologies (NASDAQ:SOFI) stock on the move today. You can find out more on these matters at the links below!

More Wednesday Stock Market News

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

 


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