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Cannabis Watch: Cannabis stocks climb ahead of congressional hearing on banking

Cannabis shares were mostly higher Wednesday, ahead of a Congressional hearing on the obstacles facing cannabis companies when it comes to opening and maintaining bank accounts.

A subcommittee of the Democratic-controlled House Financial Services Committee will meet to hear testimony on the topic at 2 p.m. Eastern. For now, cannabis companies are unable to hold accounts at federally backed banks, because weed is still subject to a federal ban, another issue that is hampering the development of the sector in those states that have legalized cannabis for medical or recreational use.

U.S. congressional Democratic leaders have circulated a draft of a bill that would give companies a clearer path to banking, according to Marijuana Moment, a website that works with activists, industry representatives and policy makers on trends affecting cannabis.

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