The Secure and Fair Enforcement (SAFE) Banking Act made headlines again this week as it was the focus of a Senate committee hearing on marijuana banking challenges.
Typically any progress on this game-changing legislation for US cannabis businesses is welcomed by investors, sending cannabis stocks higher, but this week it appeared to have the opposite effect.
By Friday afternoon, the Advisorshares Pure US Cannabis ETF had fallen 16.2% from where it opened on Monday, while the Advisorshares Pure Cannabis ETF was down by 10.4% over the course of the week.
Also weighing on weed stocks this week was a mixed bag of earnings from multi-state operators such as Trulieve, TerrAscend and Jushi.
Catch up on the highlights from the cannabis sector this week here: