Pot stocks surged at the open of trading on Thursday after the House of Representatives passed the Secure and Fair Enforcement Act the prior day. Most major companies erased gains in early trading after the initial surge.
The passage of the so-called SAFE Act is a major step forward for the cannabis industry. It gives protections to banks working with the cannabis industry. Currently, banks face legal issues because while cannabis is legal in some states, it is not legal on a federal level.
The SAFE act would also help cannabis companies access financial services and help solve industry problems like paying taxes in cash.
https://markets.businessinsider.com/news/stocks/marijuana-stocks-after-house-passes-safe-banking-act-2019-9-1028556656