On Monday, the Sundial Growers (NASDAQ: SNDL) stock was in favor among investors on the back of the possibility of the passing of key marijuana-related legislation.
Yesterday, the United States House of Representatives voted for the passage of the Secure and Fair Enforcement Banking Act. It is a key piece of legislation for the marijuana industry since it will now give banks as well as financial institutions legal permission to serve companies operating in the cannabis industry.
It is a significant development and was the main reason behind the 11% rally experienced by the Sundial Growers stock. Over the years, many banks have decided against serving legal marijuana companies due to the possibility of breaking Federal laws. The bill will now be taken to the Senate for a vote. However, the date for the vote has not been set yet. It is likely that investors are going to keep an eye on the announcement. SNDL stock is up another 10.505 in the pre-market session at $1.04.
Finance and Entertainment Reporter
Richard is a bottle of wine – the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.