The news keeps getting worse for investors in marijuana stocks.

Yesterday, cannabis news website Marijuana Moment warned of trouble getting the SAFE Banking Act (a bill to legalize banks providing banking services to marijuana companies) through Congress. Today, it appears that this warning was all too accurate. SAFE Banking will not be passed as part of a defense spending bill this year, and investors are fleeing marijuana stocks because of it.

As of 12:30 p.m. ET, shares of SNDL (NASDAQ: SNDL) are down 4.8% -- its third straight day of declines. Its smaller rival Aurora Cannabis (NASDAQ: ACB) is likewise down for a third straight day -- 6.2%. Meanwhile, Tilray (NASDAQ: TLRY) tumbled for a second straight day, leading the pack lower with a 7.9% decline.

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Source Fool.com