There’s some good news for cannabis stocks today, though you likely couldn’t tell it from looking at a rundown of some of the bigger names in the industry today. Some gained, and some lost, though all seem to be just a little more ahead thanks to a banking move in Congress that should help most cannabis dispensary operations process their sales. Acreage Holdings (OTHEROTC:ACRHF) jumped over 7% at one point, and Cresco Labs (OTHEROTC:CRLBF) gained nearly 6%. Meanwhile, Curaleaf Holdings (OTHEROTC:CURLF) slipped fractionally, Trulieve Cannabis (OTHEROTC:TCNNF) was down over 1.5%, and MedMen Enterprises (OTHEROTC:MMNFF) fell over 10% at one point.
It’s been in the works for some time, but the Senate Committee on Banking, Housing, and Urban Affairs managed to get out a markup of the Secure and Fair Enforcement Regulation Banking (SAFER) Act. The act passed by a vote of 14 to 9 and, as such, will now proceed to the Senate floor. Reports note that the act has “bipartisan support,” which will be helpful, but the question is whether or not it has sufficient support to clear the House and the Senate.
The act has already received one set of revisions that were specifically intended to augment its appeal to both sides of the aisle. While there are some concerns that the Republican side won’t be particularly eager to do anything that supports marijuana, there are hopes that the numerous points in the act designed to keep workers safe and allow businesses to operate will be sufficiently appealing that the whole “marijuana” part gets less notice.
Which Cannabis Stocks are Good Buys Right Now?
Indeed, it was a very mixed bag all around for cannabis stocks. Trulieve may have lost ground, but this Strong Buy comes with a 108.96% upside potential on an average price target of $13.06. Meanwhile, Cresco Labs had a big gain, but this Moderate Buy only offers a 2.01% upside potential on a $2.03 average price target.