Cannabis stocks and sector-related exchange traded funds are blazing.

Among the better-performing non-leveraged ETFs of Thursday, the ETFMG Alternative Harvest ETF (NYSEArca: MJ)advanced 0.1%, the Cambria Cannabis ETF (TOKE) increased 0.2%, the Global X Cannabis ETF (NASDAQ: POTX) surged 1.2%, the AdvisorShares Pure Cannabis ETF (YOLO) was 0.1% lower, the Amplify Seymour Cannabis ETF (NYSEARCA: CNBS) fell 0.5%, and the Cannabis ETF (NYSE ARCA: THCX) jumped 0.9%.

Since the end of January, MSOS was up 22%, MJ was 14% higher, YOLO gained 17%, POTX added 21%, CNBS increased 20%, and THCX advanced 14%.

On Wednesday, Canadian producer Canopy Growth’s strong fourth quarter earnings report lifted the whole segment, with U.S.-based cannabis ETFs that don’t hold the stock rising sharply on the results, CNBC reports.

“The smart money is more focused on the U.S. cannabis stocks,” AdvisorShares’ Dan Ahrens told CNBC.

Ahrens argued that the greater attention on marijuana in Washington has bolstered cannabis investments, pointing to the re-introduction and passing of the Secure and Fair Enforcement Banking Act in the House of Representatives last week, along with ongoing discussions around other cannabis-related bills.

Financial backing and banking is also making the cannabis business more legitimate. As part of the America Competes Act, the SAFE Banking Act would provide cannabis companies access to financial resources and capital markets. The Senate will vote on the America Competes Act in the weeks ahead.

“We hear there’s also good headway on discussions behind the scenes involving social reform/social equity and past convictions,” Ahrens said.

Tim Seymour, the portfolio manager of CNBS, told CNBC that there is now “better price action globally” with improving risk-on appetites, and “the technicals are getting supportive.”

The cannabis sector has been under pressure, especially with the broad sell-off in growth-related, post-pandemic plays.

“Secondly, cannabis stocks were not immune to the rotation out of growth to value ahead of impending Fed rate hikes,” THCX managing director Matt Markiewicz told CNBC

“While we don’t agree that the baby should have been thrown out with the bathwater, cannabis stocks suffered the same fate as many speculative transformational technology stocks,” Markiewicz added. “If that thrashing of growth has subsided for now, there is a chance we continue to see a strong bid to cannabis names in the weeks ahead especially those with sound business models.”

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