Cannabis stocks are up across the board today on growing optimism that recreational use will soon be legal in the U.S.
Source: Shutterstock
Leading cannabis producers Sundial Growers (NASDAQ:SNDL), Canopy Growth (NASDAQ:CGC) and Tilray (NASDAQ:TLRY) are each up between 5% and 15% this morning on reports that the U.S. House of Representatives plans to vote once again on the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act. This legislation aims to make cannabis legal at the federal level in the U.S.
Prior to today, cannabis stocks were in retreat. The ETFMG Alternative Harvest (NYSEARCA:MJ), a cannabis-focused exchange-traded fund, is down more than 50% in the last year.
What Happened With Cannabis Stocks
Media reports say that lawmakers plan to vote on the MORE Act within the House of Representatives next week. Lawmakers there passed an earlier version of this bill in December 2020, but the MORE Act stalled out after it then went on to the Senate.
Several other Canadian cannabis stocks are also trending higher today on the news. This list includes Aurora Cannabis (NASDAQ:ACB), Hexo (NASDAQ:HEXO), OrganiGram (NASDAQ:OGI), High Tide (NASDAQ:HITI) and Clever Leaves (NASDAQ:CLVR).
Why It Matters
As we reported earlier, many investors see federal legalization in the U.S. as the key upside catalyst for cannabis stocks. While such legalization in Canada initially lifted producers there, things have stalled out. Reports now discuss black-market sales,…
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Cannabis stocks are up across the board today on growing optimism that recreational use will soon be legal in the U.S.
Source: Shutterstock
Leading cannabis producers Sundial Growers (NASDAQ:SNDL), Canopy Growth (NASDAQ:CGC) and Tilray (NASDAQ:TLRY) are each up between 5% and 15% this morning on reports that the U.S. House of Representatives plans to vote once again on the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act. This legislation aims to make cannabis legal at the federal level in the U.S.
Prior to today, cannabis stocks were in retreat. The ETFMG Alternative Harvest (NYSEARCA:MJ), a cannabis-focused exchange-traded fund, is down more than 50% in the last year.
What Happened With Cannabis Stocks
Media reports say that lawmakers plan to vote on the MORE Act within the House of Representatives next week. Lawmakers there passed an earlier version of this bill in December 2020, but the MORE Act stalled out after it then went on to the Senate.
Several other Canadian cannabis stocks are also trending higher today on the news. This list includes Aurora Cannabis (NASDAQ:ACB), Hexo (NASDAQ:HEXO), OrganiGram (NASDAQ:OGI), High Tide (NASDAQ:HITI) and Clever Leaves (NASDAQ:CLVR).
Why It Matters
As we reported earlier, many investors see federal legalization in the U.S. as the key upside catalyst for cannabis stocks. While such legalization in Canada initially lifted producers there, things have stalled out. Reports now discuss black-market sales,…
