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After a steep rally last week, many cannabis stocks are in the red on Monday as a key piece of legislation aimed at legalizing cannabis at the federal level makes its way through the U.S. House of Representatives before a potential vote this week.
The Marijuana Opportunity, Reinvestment and Expungement (MORE) Act sponsored by House Judiciary Committee Chairman Jerrold Nadler (D-NY) seeks to deschedule cannabis from the list of federally controlled substances, among its other objectives.
Marijuana Moment reported a short while ago that Congressional lawmakers across the aisle are submitting their proposed amendments to the bill.
The House Rules Committee meeting where the proposals are taken into consideration ahead of a floor vote has been pushed back to Wednesday. Initially, the meeting was expected to take place on Monday.
Canadian Cannabis names such as Hexo (NASDAQ:HEXO -10.4%), Tilray (NASDAQ:TLRY -7.4%), Aurora Cannabis (NASDAQ:ACB -9.6%), Cronos Group (NASDAQ:CRON -9.1%) and Sundial Growers (SNDL -7.5%) are among notable decliners. U.S. multi-state-operator MedMen Enterprises (OTCQB:MMNFF -8.6%) and cannabis distributor, GrowGeneration (GRWG -7.7%) are also trading lower.
Read how Wall Street analysts reacted to MORE Act as pot stocks closed higher for the second straight session on Friday.
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strelov/iStock via Getty Images
After a steep rally last week, many cannabis stocks are in the red on Monday as a key piece of legislation aimed at legalizing cannabis at the federal level makes its way through the U.S. House of Representatives before a potential vote this week.
The Marijuana Opportunity, Reinvestment and Expungement (MORE) Act sponsored by House Judiciary Committee Chairman Jerrold Nadler (D-NY) seeks to deschedule cannabis from the list of federally controlled substances, among its other objectives.
Marijuana Moment reported a short while ago that Congressional lawmakers across the aisle are submitting their proposed amendments to the bill.
The House Rules Committee meeting where the proposals are taken into consideration ahead of a floor vote has been pushed back to Wednesday. Initially, the meeting was expected to take place on Monday.
Canadian Cannabis names such as Hexo (NASDAQ:HEXO -10.4%), Tilray (NASDAQ:TLRY -7.4%), Aurora Cannabis (NASDAQ:ACB -9.6%), Cronos Group (NASDAQ:CRON -9.1%) and Sundial Growers (SNDL -7.5%) are among notable decliners. U.S. multi-state-operator MedMen Enterprises (OTCQB:MMNFF -8.6%) and cannabis distributor, GrowGeneration (GRWG -7.7%) are also trading lower.
Read how Wall Street analysts reacted to MORE Act as pot stocks closed higher for the second straight session on Friday.