ETFMG’s MJ ETF in Benzinga

Will The SAFE Act Benefit Marijuana ETFs?

Last week, the U.S. House of Representatives voted 321-103 to pass the SAFE Banking Act, a measure aimed at bringing banking and financial services used by cannabis companies and dispensary operators out of the shadows and into the mainstream.
What Happened

It was a rare display of bipartisanship on Capitol Hill, with 91 Republicans joining 230 Democrats in voting for the measure — but when it comes to cannabis exchange traded funds, enthusiasm was hard to find.

Last week, the ETFMG Alternative Harvest ETF MJ, the oldest and largest New York-listed marijuana ETF, slid 7.46%.

That extends a tail of woe that has seen MJ shed nearly a third of its value just in the third quarter, but to be fair, every other cannabis ETF is being drubbed too.

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