Canopy Growth (NASDAQ:CGC) and Aurora (NASDAQ:ACB) stocks got a boost Thursday amid news that the National Conference of State Legislatures sent a letter to Congress urging that the bipartisan SAFER Banking Act be attached to the Federal Aviation Administration reauthorization bill to help speed passage.
Shares of Canopy Growth climbed 24% in afternoon trading, followed by shares of Aurora (ACB), which rose 12%.
According to Marijuana Moment, the NCSL sent a letter to both the US House and Senate asking that the FAA reauthorization bill be used as a vehicle to pass the SAFER Banking Act, which would allow banks to extend more services to marijuana-based businesses.
The NCSL, which represents state legislators across the country, said passage of the act would help thwart crime as many marijuana businesses are forced to work only in cash due to banking restrictions.
Earlier this week, Canopy shareholders approved a new class of exchangeable shares, a move aimed at accelerating the Canadian company’s expansion into the US market.
More on Aurora Cannabis, Canopy Growth, etc.
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