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In volatile trading, the U.S.-listed shares of several cannabis firms rose immediately after the Senate vote. Investors expected it to exit the banking committee. An earlier version of the bill, the SAFE Banking Act, had failed to secure a Senate vote despite being passed seven times by the U.S House of Representatives. As a result, legal cannabis companies are denied access to financial services. To get it through the Senate banking committee is a major achievement," Boris Jordan, billionaire founder of Curaleaf Holdings, said in an interview.

Persons: Chris Wattie, Jesse Redmond, Redmond, We've, it's, Boris Jordan, Jordan, Chibuike Oguh, Suzanne McGee, Michelle Price, Lance Tupper, Bill Berkrot Organizations: Canopy Growth Corporation, REUTERS, U.S, U.S . Senate, Aurora, Cronos, SNDL Inc, Curaleaf Holdings, Tilray, Cannabis ETF, Cannabis, Tower Research, Investors, SAFE, Thomson Locations: Smiths Falls , Ontario, Canada, U.S, New York, Bengaluru

☆ Pot firms surge as US move to ease curbs sparks hopes of legalization
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Shares of cannabis firms Cronos Group (CRON.TO), OrganiGram Holdings (OGI.TO), Aurora Cannabis (ACB.TO), Canopy Growth (WEED.TO) jumped between 6% and 25%. Verano Holdings (VRNO.CD), Green Thumb Industries (GTII.CD), Cresco Labs (CL.CD) and Curaleaf Holdings (CURA.CD) and Goodness Growth (GDNS.CD) rose between 15% and 37%. "Certainly moving cannabis off of Schedule 1 is the right decision and long overdue. The firm held investments in cannabis retailer and producer Green Thumb, and cannabis data platform Flowhub, according to its website. Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: cagey, Ty Collin, Patrick Rea, Green, Arunima Kumar, Sriraj Organizations: Cronos Group, OrganiGram Holdings, Verano Holdings, Green Thumb Industries, Cresco Labs, Curaleaf Holdings, Cannabis ETF, U.S . Department of Health, Human Services, Drug Enforcement Agency, Banking, Poseidon Garden Ventures, Thomson Locations: U.S, Aurora, Bengaluru

NEW YORK, July 6 (Reuters) - Cronos Group Inc (CRON.TO), the Canadian cannabis producer backed by cigarette maker Altria Group Inc (MO.N), confirmed on Thursday it is in talks with potential buyers to explore a sale of the company, after Reuters reported on the talks. In a statement, Cronos said it "is in the initial stages of reviewing these indications of interest." The future of the cannabis industry is uncertain as more favorable regulatory regimes in North America have fueled fierce competition among more companies. For the first quarter, Cronos posted a net loss of $19.3 million, compared with a loss of $32.7 million a year ago. Cronos has total cash, including short-term investments, of about $836.43 million, according to its first-quarter report.

Persons: Cronos, Curaleaf, Altria, Joe Biden's, Anirban Sen, Abigail Summerville, Leslie Adler, Richard Chang, David Gregorio Our Organizations: YORK, Cronos, Altria, Reuters, Curaleaf Holdings, U.S, Thomson Locations: U.S, Toronto, North America, Cronos, New York

NEW YORK, July 6 (Reuters) - Cronos Group Inc (CRON.TO), the Canadian cannabis producer backed by cigarette maker Altria Group Inc (MO.N), is exploring options that include a potential sale after attracting acquisition interest, people familiar with the matter said. Shares of Cronos jumped as much as 25% in Toronto on the news, giving the company a market value of C$1.03 billion ($771.13 million). For the first quarter, Cronos posted a net loss of $19.3 million, compared with a loss of $32.7 million a year ago. Cronos has total cash, including short-term investments, of about $836.43 million, according to its first-quarter report. Altria, which holds a 41% stake in Cronos, invested $1.8 billion in the company in 2019.

Persons: Altria, Cronos, Joe Biden's, Anirban Sen, Abigail Summerville, Leslie Adler, Richard Chang Organizations: YORK, Cronos, Altria, Curaleaf Holdings, U.S, Thomson Locations: Toronto, U.S, North America, Cronos, New York

☆ Lawmakers reintroduce SAFE Banking Act, a bill the cannabis industry hails as a lifeline
▼ + stars: | 2023-04-27 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Aaron Smith, chief executive officer of the National Cannabis Industry Association, speaks during a news conference on the Safe Banking Act outside the US Capitol in Washington, D.C., US, on Wednesday, Sept. 14, 2022. A group of bipartisan lawmakers reintroduced the Secure and Fair Enforcement (SAFE) Banking Act in the House and Senate on Wednesday, after the legislation designed to free up banking services for the cannabis industry stalled in last year's Congress. "For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate," Merkley said in a statement. The bipartisan nature of the SAFE Banking Act's reintroduction appeared to boost hopes of more relief to come in the industry. It is past time that Congress addresses the irrational, unfair, and unsafe prohibition of basic banking services to state-legal cannabis businesses," said Blumenauer, founder and co-chair of the Congressional Cannabis Caucus.

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