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Pummeled Canopy Growth, Tilray Rebound on Renewed Banking Push

Feb. 1, 2022, 9:12 PM

After falling out of favor, pot stocks including Canopy Growth Corp. and Tilray Brands Inc. are rebounding in a risk-on rally, with the renewed push to get cannabis legislation passed further helping fuel the rally.

Canopy, which sells Martha Stewart-branded CBD gummies, has climbed 25% over the past three sessions while Tilray advanced 19%. Investors are weighing prospects for legislation known as the Secure and Fair Enforcement, or SAFE, Banking Act that would make it easier for cannabis companies to do business as a Colorado representative pledged to renew efforts to get approval before his retirement.

The advance comes ...