Why Pot Stocks Up Today?One of the reasons is that Fed Chairman Powell stated today to the Senate Banking Committee that clarrification would be "nice" on cannabis rules as it relates to banking. He stated that pot is illegal at the federal level, but more and more legal at the state level so clarrification should be provided as to banking rules.
In the US, cannabis companies can't deal with banks because it's illegal federally so it's all a cash business. In addition, they can't get insurance for the same reasons. It makes it very difficult to operate a business when you can't get banking services or insurance.
This is very good news because you now have the Fed Chairman talking about cannabis and wanting rules clarified as to banking.