Recent weeks have seen a resurgence of double-digit gains for cannabis ETFs, with managers sharing their insights.

Several exchange-traded fund managers report that the factors driving the growth of cannabis stocks are increasing.

In recent weeks, Cannabis ETFs have experienced a resurgence, with many major funds achieving double-digit percentage increases. Since January 31st.

• The (MSOS) is up over 22%
• The (MJ) is up nearly 14%
• (YOLO) is up about 16.5%
• The (POTX) is up more than 21%
• The (CNBS) is up over 20%
• (THCX) is up 14%

On Wednesday, the earnings report of Canadian producer Canopy Growth boosted the entire group, causing even U.S.-based cannabis ETFs that do not hold the stock to rise sharply in response.

In an email to CNBC's "ETF Edge" on Wednesday, AdvisorShares' Dan Ahrens stated that the smart money is more concentrated on U.S. cannabis stocks.

As managing director and chief operating officer at AdvisorShares, Ahrens oversees MSOS, the largest cannabis ETF on the market, with over $1 billion in assets under management, according to ETF Database.

The passing of the Secure and Fair Enforcement Banking Act in the House of Representatives and discussions around other cannabis-related bills have contributed to the increase in buzz in Washington, according to Ahrens.

The SAFE Banking Act, now part of the America Competes Act, would grant cannabis companies access to financial institutions and capital markets. The Senate will vote on the America Competes Act in the near future.

Ahrens wrote that there is progress being made in discussions regarding social reform and social equity, as well as past convictions.

After a year of decline in cannabis stocks, some support is starting to appear for these companies, according to Tim Seymour, the portfolio manager of CNBS.

Seymour stated in an email to CNBC's "ETF Edge" that not only are there "better price action globally" with "risk-on appetites reemerging," but "the technicals are getting supportive."

Seymour, a CNBC contributor and the founder and chief investment officer of Seymour Asset Management, stated that Canopy's report may have caused some short covering.

With recent merger and acquisition activity, the SAFE Act's implementation is imminent, making this space attractive for investors.

On February 1, 2023, Verano, a U.S. multistate operator, announced its acquisition of Goodness Growth, its science-focused peer, for $413 million.

The sixth attempt at passing the SAFE Banking Act provides cannabis investors with a "glimmer of hope" after a disappointing 2021, according to Matt Markiewicz, managing director of THCX, in an email to CNBC's "ETF Edge."

Markiewicz wrote that cannabis stocks were not spared from the shift from growth to value stocks before the anticipated Fed rate increases.

Although we disagree that the baby should have been thrown out with the bathwater, cannabis stocks experienced the same fate as many speculative transformational technology stocks. However, if the thrashing of growth has subsided for now, there is a possibility that we will continue to see a strong bid to cannabis names in the weeks ahead, particularly those with sound business models.