Cannabis stocks rally after Sen. Chuck Schumer said marijuana banking and expungements bill is ‘very close’

Shares of U.S. and Canadian cannabis companies rallied Monday after Senate Majority Leader Chuck Schumer said Congress is “very close” to passing a cannabis banking and expungements measure. At a debate appearance on Sunday, Schumer said he’s made progress with Republican senators about introducing and passing a cannabis bill that would open up banking services for legal pot companies and also erase criminal records for cannabis convictions, as reported by Marijuana Moment. The AdvisorShares Pure U.S. Cannabis ETF MSOS, +7.27% is up 7.9%, the Cannabis ETF THCX, +5.25% is gaining 4.3% and the ETFMG Alternative Harvest ETF MJ, +7.50% is advancing by 6.5%. Among individual stocks, Canopy Growth Corp. CGC, +18.41% WEED, +18.93% is up by 14.2%, Ascend Wellness Holdings AAWH, +4.52% is up by 9% and Tilray Brands Inc. TLRY, +12.12% is up 9.4% Cronos Group Inc. CRON, +7.12% is up 5.3% and Trulieve Cannabis Corp. TCNNF, +7.87% is up by 7%.