The past few years have been filled with speculation on whether or not Congress will legalize cannabis at the federal level. When the Democratic Party cinched the Senate, House of Representatives and the White House during the 2020 ballot, the chances of cannabis being removed from the Schedule of Controlled Substances increased significantly.
Ideally, this would open up the already lucrative legal cannabis industry even further and grant it all the rights other industries enjoy. In anticipation for a future where federal law allows the cultivation and sale of cannabis, especially after a recent report claimed that lawmakers are poised to vote on federal cannabis legalization this week, investors are appear to be flocking to cannabis stocks.
According to the Marijuana Moment report, the House of Representatives plans to vote on the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act soon. The legislation was sponsored by the chair of the House Judiciary Committee Jerrod Nadler and would remove cannabis from the Controlled Substances Act, set up a commercial cannabis market, and push for social equity in the sector.
The House Approved the MORE Act last year, but the act didn’t make it past the then Republican-controlled Senate. The Judiciary Committee cleared the cannabis legalization bill again this year and activists, as well as industry stakeholders, have been crossing their fingers for a floor vote ever since.
The report from Marijuana Moment has upped interest in cannabis stocks, with shares from both Sundial and Tilray increasing by a whopping 20%. Canopy Growth, once the largest cannabis company in the world, saw a 10% increase in share prices while ETFMG Alternative Harvest ETF trades were up by 6%.
Regardless of the support federal cannabis legalization has received from lawmakers, it is not clear whether or not President Joseph Biden will sign the bill if it reaches his desk. He was instrumental in passing federal prohibition laws during his days as a senator, and he has said that he only supports medical marijuana laws and modest cannabis reform at best.
On the other hand, Senate Majority Leader Chuck Schumer has been a staunch supporter of federal legalization, lobbying the president about the widespread benefits of major cannabis reform and even stating that he would act on cannabis legalization with or without Biden’s support.
According to Marijuana Moment, House leaders have included the MORE Act in the official list of legislation that will be discussed on the House Floor this week. If the bill is enacted, it would reschedule cannabis, ratify various social and criminal justice reforms, and earmark funds for social equity programs in addition to creating a more favorable environment for companies such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) to thrive across the country.
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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