Cannabis stocks stay hot as Senate banking committee schedules hearing

Cannabis stocks rose Friday in their second day of big gains. The U.S. Senate committee on banking, housing and urban affairs has scheduled a hearing entitled, "Examining Cannabis Banking Challenges of Small Businesses and Workers" on Thursday at 9:45 a.m. in the Dirksen Senate Office Building, according to an announcement. The hearing comes after lawmakers from both chambers filed new versions of the Secure and Fair Enforcement (SAFE) Banking Act. The AdvisorShares Pure U.S. Cannabis ETF (MSOS) is up 3.2% and the ETFMG Alternative Harvest ETF (MJ) is ahead by 5.4%. Curaleaf Holdings Inc. is up by 2.3%, Ascend Wellness Holdings Inc. (AAWH) is up by 4.9%, Ayr Wellness is up by 2%, Cronos Group Inc. (CRON.T) is up by 4.7%, Cresco Labs is up by 2.5%, Tilray Brands Inc. (TLRY) is up by 9.1%, Canopy Growth Corp. (WEED.T) is up by 6.8%, Verano Holdings Corp. is up by 0.3% and Green Thumb Industries Inc. is up by 6.6%.

-Steve Gelsi

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05-05-23 1536ET

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