Cannabis stocks took a beating today after a GOP congressman voiced his concerns about a spending bill provision that protects banks working with state-legal marijuana businesses. According to Marijuana Moment, Rep. Chuck Edwards (R-NC) criticized the cannabis banking section added by subcommittee chairman Rep. Dave Joyce (R-OH) during a Fiscal Year 2025 Financial Services and General Government (FSGG) appropriations measure markup. Edwards plans to propose an amendment to remove this section because he says that it improperly authorizes a federally illegal activity.
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Edwards said that marijuana remains a Schedule I drug and should remain illegal due to the potential harm it can cause to young people. He believes the banking provision is misplaced in an appropriations bill and deviates from federal law. Despite his opposition, Joyce defended the provision by pointing out the risks of cash-only cannabis operations and the need for safe banking solutions.
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 108% upside potential based on a $18.04 per share price target.
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