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Cannabis stocks rise amid Senator Schumer's confidence in passing legislation

Yahoo Finance Video

Yahoo Finance Live puts cannabis stocks under a microscope as congressional leaders voice their confidence in passing new marijuana legislation.

Video Transcript

DAVE BRIGGS: My play, pot stocks surging higher on optimistic words from Senate Majority Leader Chuck Schumer. Schumer says Congress is, quote, "very close to passing cannabis banking and expungement legislation" after having progress with, quote, "a bunch of Republican senators," which, folks, that is stunning. We have not heard a single word about optimism from Republicans.

The legislation would open up traditional banking services to legal cannabis companies while also erasing criminal records for marijuana convictions. The comments on what's now called Safe Banking Plus Act made in debate on Sunday for Schumer. Similar legislation has passed the House more than a half a dozen times and just died-- no traction in the Senate.

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Just taking a varied sampling of pot stocks, Canopy Growth up massive, about 18%. Tilray's up a dozen. Trulieve up about 9%. Curaleaf's up about 6%. Green Leaf's up about 9%. A cannabis themed ETF, MJ, up solidly. So this is across the board great day, great rally for pot stocks.

And this makes sense to me. The last time when we talked about optimism for federal legislation, there will not be federal legalization anytime soon four, six, maybe even eight years. This is what businesses needed, Rachelle. They needed banking certainty even more than legalization.