Canopy Growth leads cannabis rally as Senator backs compromise legislation

Aug. 08, 2022 12:23 PM ETCanopy Growth Corporation (CGC)ACB, GRWG, HEXO, TLRY, SNDL, POTXBy: Dulan Lokuwithana, SA News Editor10 Comments

cannabis legalization in the united states of america. cannabis leaf in hands on usa flag background

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  • Cannabis companies in both the U.S. and Canada have traded sharply higher on Monday in a move attributed to the recent remarks made by Sen. Cory Booker on marijuana reforms. Today's cannabis rally comes hours after the Senate Democrats passed a sweeping climate and economic package on Sunday.
  • Notable gainers include Canopy Growth (NASDAQ:CGC), GrowGeneration (GRWG), Sundial Growers (SNDL), HEXO Corp (HEXO), Aurora Cannabis (ACB), Tilray (TLRY), and Global X Cannabis ETF (POTX).
  • Speaking to Cheddar News last week, Booker hinted at a compromise on marijuana legislation this year.
  • The bill he identified as "SAFE Banking Plus" would include marijuana business banking and criminal justice reform provisions. In addition, Booker suggested that the bill should include measures to provide Small Business Administration loans to small businesses.
  • However he noted a relatively short window for enacting cannabis reforms before the Senate's new term starts in Jan. 2023.

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