dvulikaia/iStock via Getty Images
Cannabis stocks rallied Friday amid news that Senate Majority Leader Chuck Schumer was encouraging voters to sign a petition in support of the SAFER Banking Act, which is aimed at helping marijuana business owners access banking services.
Canopy Growth (NASDAQ:CGC) led the rally, with shares of the Canadian cannabis company leaping 60% in afternoon trading. Also seeing gains of at least 10% were Leafly (LFLY), Aurora (ACB), SNDL (SNDL), Medical Marijuana (OTCPK:MJNA), Tilray (TLRY), Growth Generation (GRWG) and Acreage (OTCQX:ACRHF).
According to Marijuana Moment, Schumer sent an email out to supporters urging them to sign the petition. In the email, Schumer also reiterated his support for the federal legalization of cannabis in the US.
Currently, many banks are reluctant to extend services to marijuana businesses due to the plant being classified as a highly controlled substance by the DEA. The agency is in the midst of determining whether it should reclassify marijuana as a less risky substance.
Last week, cannabis stocks rallied after Vice President Kamala Harris openly urged the DEA to quickly reclassify the plant.
