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Cannabis stocks tumble after SAFE Banking Act discussed in Senate hearing

Proactive Investors reports that numerous testimonies in favor of the SAFE Banking Act were not enough to push cannabis stocks higher on Thursday.

The Advisorshares Pure US Cannabis ETF was down 8.7% at US$5.28 and the Advisorshares Pure Cannabis ETF down 5.3% at US$2.75 at the market close despite arguments that the SAFE Banking Act would ensure that legitimate cannabis businesses would have access to all of the same financial services as every other business.

Others argued that the act was fixing a “fake problem”, suggesting that it could potentially increase cartel activity, and raising concerns about its possible impact on the US addiction crisis.

Top cannabis stocks for May 2023

Investopedia explores the best cannabis stocks in May 2023, highlighting that CRLBF, SNDL and GTBIF are taking the lead for value, growth and performance, respectively

The publication highlights that together, these companies are leading the industry in revenue growth even as a crowded field of competitors and a thriving illicit market hamper sales.

Noting that cannabis sales across the U.S. have slowed since an early-pandemic boom which has contributed to oversupply, forcing retailers to cut prices, licensed retailers also face competition from the illegal market.

Investopedia looks in detail at top cannabis stocks in three categories: best value, fastest growth and best stock performance.

New Hampshire governor backs cannabis legalization through state-run stores after senate defeats reform bill

NewHampshire’s Republican governor announced that he would sign an alternative proposal to enact legalization through a system of state-run stores, reports Marijuana Moment.

The announcement came Just one day after the New Hampshire Senate defeated a cannabis legalization bill.

The publication notes that, with Gov. Chris Sununu (R) now voicing explicit support for having the state control cannabis sales — and the Senate having killed the more traditional legalization proposal favored by advocates this week — there may be a renewed push to advance a state-run bill.

Sununu, who is weighing a possible run for the 2024 Republican presidential, stated: “Knowing that a majority of our residents support legalization, it is reasonable to assume change is inevitable. To ignore this reality would be shortsighted and harmful.”

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