Cannabis stocks took a hit today after a plan to attach a marijuana banking bill to a crucial aviation legislation package was dropped, according to Marijuana Moment, which cited a major industry group with knowledgeable sources. This shift comes after the marijuana banking bill was considered unrelated and marks a setback for proponents. Nevertheless, there are still several legislative avenues open for the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which includes pushing it forward as a standalone bill.
Senate Majority Leader Chuck Schumer reiterated his commitment to pushing the bill forward, among other legislative priorities. The SAFER Banking Act would allow cannabis businesses to access banking services legally and continues to gain public support, as evidenced by a recent poll showing that three in five Americans are in favor of such access.
Which Cannabis Stock Is Best to Invest In?
Among the popular weed stocks, analysts expect Trulieve stock to deliver the most upside potential from current levels. Indeed, it has a Strong Buy rating with more than 56% upside potential based on a $16.54 per share price target.
