Tuesday was a great day to own marijuana stocks, as industry bellwether Canopy Growth (NASDAQ: CGC) led the charge higher on news that President Joe Biden has thrown his support behind federal legalization of medical marijuana. By the time the closing bell struck, Canopy Growth shares were up a whopping 24.4%.

Today, Canopy Growth stock continues growing higher, up 8.8% through 9:45 a.m. ET on further encouraging news out of Washington, D.C.

Specifically, Senate Majority Leader Chuck Schumer gave a floor speech late yesterday in which the senator promised to make "progress" on cannabis legislation this year, as Marijuana Moment reports. Even more specifically, this progress will include reform to make it easier for banks to offer banking services to marijuana businesses -- the Secure and Fair Enforcement (SAFE) Banking Act.  

Continue reading

Source Fool.com