Pot stocks head higher after House’s passage of SAFE Banking Act
Marijuana companies’ stocks headed higher in the extended session Wednesday, after the U.S. House of Representatives passed legislation that could help U.S. cannabis operators. Aurora Cannabis Inc. gained more than 5% in after-hours trading, Canopy Growth Corp. increased 4%, Tilray Inc. added 2.4% and Aphria Inc. grew by 4%, as the ETFMG Alternative Harvest ETF increased 2.5%. The House passed a bill known as the Secure And Fair Enforcement, or SAFE, Banking Act, which would make it easier for banks to work with the marijuana industry in the U.S. The bill now goes to the Senate, where passage is less than certain. Cannabis companies’ stocks have struggled of late amid disappointing financial returns, with the ETFMG Alternative Harvest ETF falling 30% this quarter.
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