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Cannabis stocks aren’t doing so hot on Wednesday as it appears banking legislation is unlikely to pass this year.
Supporters of the bill have been attempting to add it to other legislation moving through Congress. However, it’s been a rough road with it missing out on a chance to be added to the defense budget bill last week.
The last hope for this legislation to pass this year is being added to an omnibus spending bill. Unfortunately, it seems like this isn’t going to happen, and that has shares of cannabis stocks down today.
The SAFE Banking legislation would open up marijuana companies to more investing options. Doing so would make it easier for these companies to gain institutional investors and funding for their businesses.
Let’s check out how pot stocks are reacting to today’s news below!
Cannabis Stocks Down on Wednesday
- Tilray (NASDAQ:TLRY) stock starts us off with the marijuana company’s shares falling 3.5% as of Wednesday afternoon.
- Aurora Cannabis (NASDAQ:ACB) shares are next on our list with the cannabis company’s stock dropping around 1% as of this writing.
- Canopy Growth (NASDAQ:CGC) stock closes out our list with the pot stock’s shares taking a 4.1% beating this afternoon.
Investors seeking more of the latest stock market news are going to want to stick around!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Wednesday! Among that is what has shares of Mullen Automotive (NASDAQ:MULN), Drive Shack (NYSE:DS), and SoFi Technologies (NASDAQ:SOFI) stock on the move today. You can find out more on these matters at the links below!
More Wednesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2022/12/why-are-cannabis-stocks-down-today/.
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