Sundial Growers rose 10% in pre-market.
The driving factor is mostly coming from Capitol Hill.A vote regarding a cannabis bill is hitting the House floorfor a vote on Monday afternoon.
The bill at hand aims to protect banks who serve cannabis businesses in legal states. Banks who deal with cannabis businesses are not under protection against federal regulators. So, many who operate in conjunction with cannabis businesses can be legally reprimanded for doing so, even in a legal state. This in turn disincentivizes banks from wanting to offer these services.
The bill is looking like a slam dunk for the cannabis industry. It has bipartisan support, including support from some of the most conservative Representatives, like Rep. Matt Gaetz of Florida. The bill, called the SAFE Banking Act, will finally be seeing its vote after a multitude of delays.
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