Cannabis stocks climbed Thursday after a bipartisan group of lawmakers took another run at passing legislation to shield financial institutions that work marijuana businesses operating legally.
The Secure and Fair Enforcement, or SAFE, Banking Act was refiled late Wednesday by House and Senate lawmakers from both the Democratic and Republican parties. They say the proposal is aimed at dealing with safety concerns stemming from legal cannabis businesses being locked out of banking services.
"Forcing legal businesses to operate in all-cash is dangerous for our communities; it's an open invitation to robbery, money laundering, and organized crime — and it's way past time to fix it," Senator Jeff Merkley, a Democrat representing Oregon, said in a statement accompanying the bill.
Republican Senators Steve Daines of Montana and Rand Paul of Kentucky, along with Senator Elizabeth Warren, a Democrat from Massachusetts, are among other cosponsors.
The AdvisorShares Pure Cannabis Exchange-Traded Fund jumped about 10% to a nearly two-week high, and the Roundhill Cannabis ETF soared 12% to a nearly one-month peak.
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