Why Green Thumb Industries, Curaleaf, and Cresco Labs Rallied Today
Shares of U.S. cannabis companies Green Thumb Industries (OTC: GTBIF), Curaleaf (OTC: CURLF), and Cresco Labs (OTC: CRLBF) were rallying on Friday, up 8.1%, 6.1%, and 10.2%, respectively, as of 12:23 a.m. ET.
These stocks sold off hard earlier in the week, as hopes for passage of the Secure and Fair Enforcement (SAFE) Act have faded in the lame-duck session of Congress. However, Friday morning news saw Senate Majority Leader Chuck Schumer make a last-ditch effort to include SAFE in the larger omnibus bill, which may be the last piece of legislation passed by this Congress.
Having sold off hard, these stocks are bouncing back strongly on a down day for the markets. However, it still looks like a long shot that this could get passed, due to opposition from Minority Leader Mitch McConnell. So today's action could just be a dead cat bounce.
Source Fool.com
