This Week in Cannabis Investing Booker Shows Support for SAFE Banking Act Kiplinger Kiplinger is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us.

This Week in Cannabis Investing Booker Shows Support for SAFE Banking Act

Plus, cannabis stock volume peaks after Biden's announcement and marijuana ballot measures could impact industry growth. (opens in new tab) (opens in new tab) (opens in new tab) Newsletter sign up Newsletter (Image credit: Getty Images) By Morgan Paxhia published 14 October 2022 A flurry of dialogue materialized from the House and Senate in response to President Joe Biden's executive action last week to pardon thousands of federal marijuana convictions. Senator Cory Booker (D-New Jersey) and Senate Majority Leader Chuck Schumer (D-New York) seem to be changing their tone on the SAFE Banking Act.

Kiplinger's Weekly Earnings Calendar (Oct. 17-21) Previously, the two Democratic leaders have worked to delay SAFE Banking's progress in favor of adding additional social justice measures to the bill. However, Biden's marijuana announcements have alleviated some of those concerns, and we're pleased to see Booker responding positively. "There are already conversations and dialogue going on about some kind of bipartisan movement because we see problems within the banking industry, and a lot of people who are winning licenses can't get access to loans and more," Senator Booker told NPR (opens in new tab). "So there's a lot of folks who understand that we have to act on the federal level to do more than the president's done, and I'm hopeful that this Congress, actually in the lame-duck after the midterms, I'm very hopeful we can get something done."

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Profit and prosper with the best of Kiplinger's expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger's expert advice - straight to your e-mail. Sign up Medical marijuana is now legal in 38 states, and recreational cannabis use is legal in 19, as well as the District of Columbia. Five more states will vote on legalizing adult-use next month. And with more red states now voting in favor of loosening cannabis restrictions, all eyes are on the Senate's upcoming actions in the lame-duck session.

Cannabis Stock Trading Volumes Hits Record High

Not surprisingly, pot stocks surged last week after President Biden asked for a review of marijuana's drug classification. On the day of the announcement, we saw a significant final hour of trading given the very high trading volumes. Cannabis stocks and cannabis-focused exchange-traded funds (ETFs) reached record high volumes the day following Biden's news.

Splunk Stock's a Buy, Says Analyst. Here's Why. Among the investment community, discussions are taking place around hosting meetings and events to educate and inform more institutional investors about the implications of the president's actions. Some marijuana stocks have begun to give back their gains, but the possibility of federal legalization and the elimination of the 280E tax rule could provide a foundation for U.S. cannabis stocks. Multi-state operator Curaleaf (CURLF (opens in new tab)), for example, remains up more than 10% from its Oct. 5 close. During the post-announcement excitement, Cresco Labs (CRLBF (opens in new tab)) tweeted, "This is huge news – the biggest step under the Biden administration so far on federal cannabis reform." Shares for the Chicago-based operator rose 24.4% during last Thursday's surge.

Can Stocks Picked by Artificial Intelligence Beat the Market? 3 Stocks to Watch Across the border, Canopy Growth (CGC (opens in new tab)) saw a 36% loss across Friday and Monday, erasing some of Thursday's gains. Canadian cannabis stocks saw a steeper fall possibly due to less compelling fundamentals, correlation with the weak state of the broader market, and current federal progress preventing operators from entering the U.S. for longer. We would not be surprised to see a stronger bid for all cannabis stocks through the elections as investors become increasingly optimistic about federal action during the Senate's lame-duck session.

Cannabis Ballot Measures to Impact Industry Growth

Five states are preparing for ballot measures during the upcoming midterm elections that could legalize recreational cannabis. Voters in Maryland, Arkansas, Missouri, North Dakota and South Dakota will have their say on Tuesday, Nov. 8. A considerable amount of coverage has been given to President Biden's announcement, which is no surprise given the historical significance, but the addition of more states to the legal cannabis marketplace is also important news for investors.

What a DraftKings-ESPN Tie-Up Will Mean for Investors Before adding in any new states, annual U.S. legal cannabis sales are projected to grow at a compound annual growth rate of 11% and reach over $57 billion by 2030. According to work done here at Poseidon and using other industry data sources, we believe the addition of these five states to the marketplace could add another $3.8 billion to annual adult-use sales. The addition of more states to the recreational market and the potential for adult-use legalization in almost 50% of U.S. states will also influence the view that the President's administration takes on federal cannabis legalization.

9 Top Energy ETFs to Buy Now Explore More Canopy Growth (CGC) Curaleaf Holdings (CURLF) Morgan PaxhiaContributing WriterMorgan Paxhia is Co-Founder of $PSDN ETF & Managing Director and Co-Founder of Poseidon Investment Management. The $PSDN ETF is an actively managed fund that primarily invests in U.S. and foreign companies, directly or indirectly involved in the marijuana and hemp industry. With over 10 years experience in investing and finance, Morgan has developed a deep understanding of individual company analysis, portfolio construction, and risk mitigation. Latest 4 Ways You Can Take Advantage of a Down Market With markets down for the year, it may seem that all the news is bad. But now could be a good time to make some profitable moves. By Adam Grealish • Published 11 November 22 New, Used or Leased: Is Now the Time to Buy an Electric Vehicle? The Inflation Reduction Act created new tax breaks for electric vehicles. Here's a guide to which EVs count and the best time to buy. By Rivan V. Stinson • Published 11 November 22 You might also like Stock Market Today: Stocks Fall for Fourth Consecutive Session The path of least resistance remained lower for equities amid rate-hike worries and recession jitters. By Dan Burrows • Last updated 12 October 22 This Week in Cannabis Investing: Canopy Growth Slims Down Plus, SAFE Plus finds support, Biden makes a big move and M&A activity in the CBD drink market. By Morgan Paxhia • Published 7 October 22 Stock Market Today: Stocks Slide Ahead of September Jobs Report Higher-than-expected initial jobless claims gave stocks an early boost, but they ran out of steam as the day wore on. By Karee Venema • Published 6 October 22 Stock Market Today: Major Indexes Post Weekly Gains Stock Market Today Stocks largely traded flat Friday amid a slow news day and a trickle of economic datapoints. By Kyle Woodley • Published 25 March 22 20 Best Stocks to Buy for the Joe Biden Presidency stocks to buy We examine 20 of the best stocks to buy to take advantage of President Joe Biden's existing and expected policy initiatives. By Charles Lewis Sizemore, CFA • Last updated 30 April 21 Stock Market Today: Markets End Raucous Week on a Restrained Note stocks An encouraging October jobs report and a clearer presidential picture didn't do much Friday for a market exhausted from running. By Kyle Woodley • Published 6 November 20 10 Best Marijuana Stocks to Buy Now Kiplinger's Investing Outlook Investors in marijuana stocks have been put through the wringer for years. But with U.S. cannabis sales on the rise, these 10 picks could finally have their day in the sun. By Will Ashworth • Last updated 22 September 22 4 Lit Marijuana Stocks to Buy stocks Cannabis is a hugely exciting market right now. By Harriet Lefton • Last updated 16 November 18 View More ▸ kiplinger About Us (opens in new tab) Terms and Conditions (opens in new tab) Privacy Policy (opens in new tab) Cookie Policy (opens in new tab) Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site.
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