Cannabis stocks were mostly lower on Thursday, with investors digesting the latest legislative moves to help develop the sector and awaiting afternoon earnings from Canopy Growth Corp., the company with a $4 billion investment from the maker of Corona beer.

A congressional hearing on banking for cannabis companies on Wednesday heard arguments from bank executives and legislators in favor of access to banks for the legal industry to reduce crime risk and other challenges that are stymieing its progress.

Aurora Cannabis Inc. reports it has completed its first commercial export of cannabis oil to the United Kingdom and the product has been successfully dispensed from a pharmacy. “Authorities there recently granted the company approval for its first shipment of medical cannabis into the U.K. from Canada under its new legal framework that came into effect on Nov. 1, 2018,” notes a press release from Edmonton-headquartered Aurora, which has a funded capacity in excess of 500,000 kg a year and sales and operations in 22 countries across five continents.

After being beaten down in the final quarter of 2018, pot stocks staged a nice comeback at the start of this year on the renewed appeal for riskier assets.

Notably, these stocks recorded their third consecutive week of gains, the longest winning streak since August.  ETFMG Alternative Harvest ETF MJ - the first and only pure ETF targeting the cannabis/marijuana industry - has climbed almost 38% so far this year (read:  Best & Worst Performing ETFs to Start 2019 ).

The cannabis market went on a bull run in August 2018, following Constellation Brands’ (NYSE:STZ) $5B investment in Canopy Growth Corporation(TSX:WEED).

U.S. House holds hearing on cannabis banking legislation

On their surfaces, the cable industry and the cannabis industry couldn’t be more different. However, as we will discuss today, they have both had similar developments and both face potentially tough regulatory challenges.

A team of analysts gave Constellation Brands stock (ticker: STZ) a lift after meetings with a Canadian cannabis company left them feeling bullish on the industry’s prospects.

Constellation’s core business remains in the manufacture and sale of beer, wine, and spirits, but the company owns a stake in Canada’s largest cannabis producer, Canopy Growth (CGC; WEED.Canada)— giving it a leading position in the nascent market. Shares rose 1.6% on Wednesday morning, versus an 0.5% gain for the S&P 500.

Cannabis shares were 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 time. 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.

The Horizons Medical Marijuana Life Sciences exchange-traded fund (ETF) holds a basket of more than four-dozen marijuana stocks and has climbed by more than 50% year to date. This is after the most stellar year for pot stocks on record.

In anticipation of the October 17th legalization of recreational marijuana sales across Canada, pot stocks shot up to historic highs. Canopy, the clear leader in this space, is up 100% over the same period and is now valued at a forward price-to-sales ratio of 62.5, assuming quarterly revenues cross $60 million after legalization.

Cannabis stocks are having a blistering start to 2019. The sector appeared to have peaked in the fall of 2018. As many had warned, marijuana stocks turned sharply lower following Canada’s legalization going into effect in a classic “sell the news” event. However, since then, the tide has turned. This year, pot stocks are back with the sector ETF posting a 50% move off the lows.

Not surprisingly, this enthusiasm has carried both recreational and medicinal cannabis stocks higher. For today, let’s focus on the medicinal space. The recreational plays have been getting more attention lately with all the blockbuster partnerships. However, there are some interesting business stories developing in the medical cannabis stock space as well.