Weekly Cannabis Stock News: Bank of America Chops Down Canopy Growth
Will this week go down in cannabis history? It’s very possible, thanks to the passing of the SAFE Banking Act in the House of Representatives. This is a potential game-changer for the cannabis retail segment, if it passes in the Senate. Meanwhile, there were also developments with marijuana stocks Canopy Growth (NYSE:CGC) and GW Pharmaceuticals (NASDAQ:GWPH).
HIGHLIGHTS
- The U.S. House of Representatives overwhelmingly passed the Secure and Fair Enforcement (SAFE) Banking Act this week.
- To become law, the SAFE Banking Act must be voted on in the Republican-majority Senate.
- Bank of America is taking a dimmer view of Canopy Growth stock. Late in the week, the big bank cut its recommendation on the company’s shares to “neutral,” from the former “buy.”
