and the hopes that the SAFE Banking Act, which would make it easier for America’s banks to serve marijuana companies, would be included in the must-pass National Defense Authorization Act.and investor enthusiasm followed—AdvisorShares Pure U.S. Cannabis ETF , rose more than 7% on the day, while U.S. cannabis operators Trulieve and Verano climbed 8% and 9%, respectively.
Analysts were not surprised that SAFE did not make it into the NDAA. “To us, this is expected,” Jaret Seiberg, a policy analyst at Cowen, wrote in a memo on December 6. “Our view remains that the best opportunity for SAFE is inclusion in the omnibus, which should be the final bill this Congress considers before adjourning.”
“I am dead inside,” says one cannabis-focused hedge fund manager who did not want to be named for fear of spooking other investors.
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