Why Marijuana Stocks Keep Going Down
In early afternoon Tuesday trading, shares of marijuana stocks are taking another tumble -- their second day in a row of negative returns. Tilray (NASDAQ: TLRY), for example, is down 7.2% at 12:35 p.m. ET. Less visible, OTC-listed stocks like Curaleaf Holdings (OTC: CURLF) and Cresco Labs (OTC: CRLBF) are suffering a bit less, down 3.5% and 3.7%, respectively.
All three stocks, however, have just one catalyst to blame for their troubles: Congress.
Why? As weed legislation-tracker Marijuana Moment reported this morning, the U.S. Congress has finally and affirmatively (for now) decided not to pass the SAFE Banking Act that would have legalized banks providing financial services to marijuana businesses in the U.S.
Source Fool.com
