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Non-Tech : Marijuana Stocks

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From: kidl	11/22/2019 8:58:55 AM
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The Globe and Mail reports in Friday, Nov. 22, edition that Canopy Growth, Aurora Cannabis and Aphria rallied on Thursday after a U.S. congressional committee passed legislation to decriminalize cannabis. A Reuters dispatch to The Globe reports that CFRA Research analyst Garrett Nelson says, "We think federal legalization would be a big positive for investor sentiment surrounding cannabis equities, which have been battered by oversupply and a steep price decline for the underlying commodity since becoming legal in Canada." The approval comes two months after the House passed a bill to advance legislation that would allow banks to provide services to cannabis companies in states where it is legal. The latest bill, which has more than 50 co-sponsors, enables states to set their own policies while allowing to expunge federal cannabis convictions and arrests. Additionally, the bill will authorize a 5-per-cent federal sales tax on cannabis products that are manufactured in or imported into the United States. However, not all analysts see the bill's passing as a slam dunk. Mr. Nelson says, "It's such an early step in a long process that there are no near-term implications for cannabis stocks." © 2019 Canjex Publishing Ltd.

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