Marijuana Stocks Tank as Lawmakers Delay SAFE Banking Act
Cannabis stocks tanked today as the SAFE Banking Act may be in doubt. The new law, which would finally make it legal for banks to provide banking services to marijuana companies, is housed in a defense bill, called the NDAA, but the passage of this bill is now in question.
Cannabis stocks plunged in response. The PRISM Cannabis Index fell 9.1%, by far the biggest loss of all the indexes today. The fall is led by Canopy Growth CGC , which fell 16.4%.
Cannabis investors will be keeping an eye on updates to the SAFE Banking Act and the NDAA.