About Emily Jarvie
Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The Canberra Times, and… Read more
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The positive performance of cannabis stocks last week driven by enthusiasm around the potential rescheduling of marijuana as a lower-risk drug in the US is set to continue as progress is made on cannabis banking reform in the country, according to analysts at Water Tower Research.
The analysts wrote in a note to clients that they have heard from multiple sources that the Senate Banking Committee will vote on the Secure and Fair Enforcement (SAFE) Banking Act, which would remove penalties for companies that provide banking and other financial services to legitimate cannabis-related businesses, on September 18.
The analysts noted that, while global equities gave back most of last week’s gains, cannabis stocks bucked the trend and booked another winning week.
“The US cannabis MSOS ETF finished up 21.88%, while the global YOLO ETF gained 12.26%,” they wrote in a note.
The analysts noted that US cannabis had been outperforming because the catalysts driving the gains, the SAFE Banking Act and the potential rescheduling of marijuana, benefit US operators the most.
Ayr Wellness Inc. (CSE:AYR.A, OTCQX:AYRWF) had the strongest returns last week, up 89.9% over the four-day trading week and up 233.7% since the market opened on August 30, the date news broke of the rescheduling recommendation.
Columbia Care Inc (CSE:CCHW, OTCQX:CCHWF, NEO:CCHW) added 52.6% last week and 173.8% since August 30, and TerrAscend Corp. (CSE:TER, OTCQX:TRSSF) added 7.9% last week but is one of the strongest year-to-date performers, up 92.9%.
“This week, we had more investors ask to be added to our cannabis distribution list than in the last three months combined,” the analysts added.
This content was originally published here.