House Set to Vote on a Bill to Legalize Marijuana Today. What That Means for Cannabis Stocks._老虎社区_美港股上老虎

House Set to Vote on a Bill to Legalize Marijuana Today. What That Means for Cannabis Stocks.

Barrons2022-04-01

Cannabis stocks were rising Friday ahead of a highly anticipated House vote on a bill to decriminalize marijuana.The House of Representatives bill, called the Marijuana Opportunity Reinvestment and ...

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·2022-04-02
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It would also establish a process to expunge prior cannabis convictions.On Wednesday, the House Rules Committee voted to move the MORE Act to an official floor vote scheduled for mid-morning Friday.Pot stocks traded lower Friday in anticipation of the vote. Aurora Cannabis (ticker: ACB) was up 1.8%, Curaleaf (CURA) was rising 1.7%, and Cronos Group (CRON) climbed 1.7%. Sundial Growers ( SNDL) rose 2.8%, and Canopy Growth (CGC) gained 1.3%. Tilray Brands (TLRY) stock was up 3.4%.Thirty six states and the District of Columbia have legalized medical marijuana over the last few years, and 19 states plus D.C. have decriminalized recreational marijuana use for adults, said House Judiciary Committee Chairman Jerrold Nadler, one of the bill’s sponsors.“If states are the laboratories of democracy, it is long past time for the federal get to recognize that this experiment in legalization has been a resounding success,” he said at Wednesday’s committee hearing.Federal legalization could have major ramifications for cannabis companies, which would no longer be subject to a section of the U.S. internal revenue code that prohibits taxpayers from deducting business expenses associated with controlled substances, wrote Pedro Palandrani, director of research at Global X ETFs, in an emailed statement. 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