TLRY, CGC stocks in red as House committee clears marijuana bill for vote (NASDAQ:TLRY)Posted by On

Marijuana Leaf and US Dollar Banknotes. Marijuana business concept. CBD Medical Marijuana Dollar THC Cannabis.

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Many U.S. Multi-State Operators (MSOs) and Canadian Licensed Producers are trading lower in morning hours on Thursday even after a key House committee formally cleared the latest bill aimed at legalizing marijuana at the federal level.

With the clearance from the House Rules Committee, the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, now heads to a Floor vote, which, according to Cowen analyst Jaret Seiberg could be held on Friday during market hours.

MORE Act aims to remove cannabis from the list of federally controlled substances and promote social equity in the industry, among its other objectives.

A previous version of the bill cleared the House floor in December 2020 but stalled in the then-Republican controlled Senate.

Seiberg argues that the key factor to watch would be the number of House Republicans who will speak in support of the legalization even if they oppose the bill.

“This will give us an indication of whether narrower House Republican legalization bills will have a path to passage in the House next year if the GOP wins a majority in the mid-term election,” Bloomberg reported, quoting Seiberg.

Notable decliners are dominated by Canadian LPs such as Tilray (NASDAQ:TLRY -3.3%), Aurora Cannabis (NASDAQ:ACB -3.6%), Hexo (NASDAQ:HEXO -2.8%) and Canopy Growth (NASDAQ:CGC -3.2%). U.S.

US MSO, Curaleaf Holdings (OTCPK:CURLF -1.4%) is also trading lower with cannabis distributors, GrowGeneration (GRWG

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Marijuana Leaf and US Dollar Banknotes. Marijuana business concept. CBD Medical Marijuana Dollar THC Cannabis.

pcess609/iStock via Getty Images

Many U.S. Multi-State Operators (MSOs) and Canadian Licensed Producers are trading lower in morning hours on Thursday even after a key House committee formally cleared the latest bill aimed at legalizing marijuana at the federal level.

With the clearance from the House Rules Committee, the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, now heads to a Floor vote, which, according to Cowen analyst Jaret Seiberg could be held on Friday during market hours.

MORE Act aims to remove cannabis from the list of federally controlled substances and promote social equity in the industry, among its other objectives.

A previous version of the bill cleared the House floor in December 2020 but stalled in the then-Republican controlled Senate.

Seiberg argues that the key factor to watch would be the number of House Republicans who will speak in support of the legalization even if they oppose the bill.

“This will give us an indication of whether narrower House Republican legalization bills will have a path to passage in the House next year if the GOP wins a majority in the mid-term election,” Bloomberg reported, quoting Seiberg.

Notable decliners are dominated by Canadian LPs such as Tilray (NASDAQ:TLRY -3.3%), Aurora Cannabis (NASDAQ:ACB -3.6%), Hexo (NASDAQ:HEXO -2.8%) and Canopy Growth (NASDAQ:CGC -3.2%). U.S.

US MSO, Curaleaf Holdings (OTCPK:CURLF -1.4%) is also trading lower with cannabis distributors, GrowGeneration (GRWG



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