Senate Majority Leader Chuck Schumer increased his push for the Secure and Fair Enforcement (SAFER) Banking Act, a legislative effort aimed at providing legal marijuana businesses access to banking services. According to Marijuana Moment, Schumer asked for public support through an online petition in a recent email campaign. He also reiterated his broader goal of federal cannabis legalization. As a result, cannabis stocks surged in today’s trading, led by Canopy Growth’s (NASDAQ:CGC) (TSE:WEED) 68.64% rally.
Other notable movers in the weed sector included Tilray (NASDAQ:TLRY) (TSE:TLRY) and Aurora Cannabis (NASDAQ:ACB) (TSE:ACB), which gained more than 18% and 26%, respectively. Interestingly, though, Trulieve (OTC:TCNNF) saw a slight 1.25% dip in today’s trading.
Schumer’s message highlighted the operational challenges faced by marijuana businesses due to their limited access to banking, such as making deposits or obtaining lines of credit. His email encouraged signatories to back the SAFER Banking Act as a step towards supporting these businesses while continuing the fight for legalization.
SAFER Banking Act Progress Has Been Closely Watched
The progress of the SAFER Banking Act has been closely watched, with bipartisan support in the Senate Banking Committee and repeated approvals in the House. Schumer mentioned ongoing productive discussions aimed at reaching a final agreement. However, passage has been complicated by broader banking regulations and non-cannabis provisions within the legislation.
Despite these challenges, optimism remains high among key legislators, including Senate Banking Committee Chairman Sherrod Brown and House Majority Whip Tom Emmer, who have both expressed their desire to see the bill advance.
Which Cannabis Stock Is Best to Invest In?
Of the aforementioned weed stocks, analysts expect Trulieve stock to deliver the most upside potential from current levels. Indeed, it has a Strong Buy rating with almost 60% upside potential based on a $18.92 per share price target.
