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Cannabis Stocks in Red-Hot Rally as Lawmakers Eye Vote to Decriminalize Marijuana

Published 07/14/2022, 02:49 PM
Updated 07/14/2022, 03:07 PM
© Reuters.

By Yasin Ebrahim

Investing.com -- Cannabis stocks were on fire Thursday as U.S. lawmakers are set to vote on a bill to decriminalize marijuana at the federal level next week, Bloomberg reported, citing an unnamed source.

Aurora Cannabis Inc (TSX:ACB), Cronos Group Inc (NASDAQ:CRON), and Tilray Inc (NASDAQ:TLRY) were sharply higher, with the latter up more than 11%. 

The Cannabis Administration and Opportunity Act seeks to declassify marijuana as a controlled substance, or a “Schedule I” drug such as hallucinogen lysergic acid diethylamide (LSD) and heroin. 

The bill, however, faces a tough task to make it through the Senate as lawmakers on both sides of the political aisle are against decriminalizing marijuana. A version of the bill previously passed the House in December 2020, but failed to advance in the Senate.

 
The House earlier this year backed the bill by a slender 220 to 204 margin.

Latest comments

this has just come out from the a55, all down n it says red-hot rally?
I have a cannabis ETF(CNBS),  that is down 50%( yes, fifty percent), in just 5 months....
Damn load the boat💯💪🔥🔥🥀
What year will feds pass the bill?
I'm positive this year🚀
🤡🤡 sure they will.
Feedumb and taxes for all! Oooh rah! Thanks to troops, pigs qnd brainwashers called teachers! Murikuh. Puck yeah
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