Cannabis stocks end sharply lower on reports that SAFE Banking measure is dead for 2022


AdvisorShares Pure US Cannabis ETF MSOS, -18.05% fell more than 18% on Monday on reports that the SAFE Banking measure has been left out of Congress’s omnibus spending bill. Cannabis advocates had hoped the measure to open up the financial system to cannabis companies would be passed during the lame duck session, but it appears to have been left out of the annual spending package due up for a vote before the end of the year. Among individual stocks, Green Thumb Industries GTII, +1.26% fell 12.1%, Curaleaf Holdings CURLF, -16.67% dropped 16.7%, Trulieve Cannabis Corp. TCNNF, -17.53% retreated by 17.5%, Cresco Labs CRLBF, -17.61% declined by 17.6% and Verano Holdings VRNOF, -15.30% fell 15.3%. Canopy Growth Corp. CGC, -7.31% dropped 7.3%, Tilray Inc. TLRY, -8.59% subtracted 8.6% and TerrAscend TRSSF, -20.73% fell 20.7%.

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