Why Marijuana Stocks Tanked Today
Bad news for investors in marijuana stocks on Tuesday: According to cannabis reporter Marijuana Moment, the SAFE Banking Act may be in trouble.
The new law, which has been under consideration for more than a year now, and which would finally make it legal for banks to provide banking services to marijuana companies (whose activities remain technically illegal under federal law), was supposed to be passed as part of the National Defense Authorization Act (NDAA) this year. (Yes, you read that right. Lawmakers are trying to attach a weed bill to a defense bill, to make the former easier to pass.)
But passage of the NDAA itself is now in question, and marijuana stocks are tanking on the news. As of 10:30 a.m. ET, shares of SNDL (NASDAQ: SNDL) -- formerly known as Sundial -- are down 4.3%. And they're falling right beside larger marijuana stocks including Tilray (NASDAQ: TLRY) and Aurora Cannabis (NASDAQ: ACB) -- down 6.5% and 7.4%, respectively.
Source Fool.com
