Despite an unfavorable macroeconomic situation and cannabis' legal ambiguity in the U.S. market, cannabis stocks demonstrated remarkable resilience in August. Several positive developments, such as the steady progress of the SAFE Banking Act -- which could open up financial services to cannabis companies -- in the U.S. Senate and the possible reclassification of marijuana by the federal government, improved investor sentiment and propelled some of the most prominent players in the space higher last month. 

Although political and regulatory hurdles facing the industry are still unresolved and marijuana stocks are likely to be highly volatile as a result, the undeniable momentum building within the legalization movement could spark a recovery for several of the industry's biggest laggards in September and beyond.

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Source Fool.com