Shares of cannabis companies Canopy Growth (NASDAQ: CGC), Green Thumb Industries (OTC: GTBIF) and Curaleaf (OTC: CURLF) were sinking on a positive day for the markets, down 1.9%, 3.5%, and 3.6%, respectively, as of 3:11 p.m. ET.

Since earnings season, cannabis stocks have been moving almost entirely on cannabis legislation news, specifically the prospect of the Secure and Fair Enforcement (SAFE) Banking Act passing in the lame-duck session of Congress. On that front, another Republican senator poured cold water on the latest hope for passage, after a string of disappointments recently, and really all year.

Earlier this month, advocates had hoped the SAFE Banking provisions could be attached to the National Defense Authorization Act (NDAA), but that attachment was nixed by Senate Minority Leader Mitch McConnell, who didn't want to attach any nondefense-related provisions to the bill.

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Source Fool.com