Talk about a buzzkill: The latest news on marijuana reform didn’t go over well with cannabis stock investors. On Tuesday, they sold off many sector favorites, including Aprhria (NASDAQ: APHA), Aurora Cannabis (NYSE: ACB), OrganiGram Holdings (NASDAQ: OGI), HEXO (NYSE: HEXO), and Curaleaf Holdings (OTC: CURLF). All fell at rates ranging from 3.4% to 4.5%. Meanwhile, multistate operator Green Thumb Industries (OTC: GTBIF) really took it on the chin, declining 8.4%.
There was little news of any consequence from those companies. Rather, it seems that investors are reacting to one development in Washington that’s encouraging on its surface. Following a similar move in the House of Representatives last week, Sen. Jeff Merkley, an Oregon Democrat, and his Republican counterpart Steve Daines of Montana have reintroduced the SAFE Banking Act in the Senate.