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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (122176)4/2/2022 8:42:29 AM
From: Goose94Read Replies (1) of 203330
 
Marijuana: U.S. House votes to pass MORE Act despite uncertainty of legalization bill in Senate

The U.S. House of Representatives voted Friday to pass the Marijuana Opportunity Reinvestment and Expungement (MORE) Act for the second time, a 500-page bill that would de-schedule cannabis as a controlled substance, expunge criminal records for people impacted by marijuana-related arrests and introduce new excise taxes that will help fund social justice initiatives. The bill will now head to the Senate for a vote, which is not expected to happen given Senate Majority Leader Chuck Schumer is expected to introduce his own federal legalization bill later this month. Still, the lead-up to the vote fostered renewed interest in the cannabis sector, with trading volumes in U.S. and Canadian companies jumping higher.


However, those stock moves mirrored similar “buy the rumour, sell the news” activity seen in the cannabis space roughly a year ago when pot companies rallied ahead of other legalization bills said to be coming up for a vote. Canopy Growth CEO David Klein appeared on BNN Bloomberg earlier this week and said if the MORE Act is unlikely to be made into law, there’s broader momentum in the U.S. market with incremental reforms, adding he’s confident legalization will happen in the near-term. Meanwhile, Michael Auerbach, founder and CIO of Subversive Capital and an early investor in Tilray, told BNN Bloomberg that “it’s tough to get anything done in Washington” but thinks Schumer’s bill will be comprehensive enough to get support in both chambers of Congress and be signed into law by the Biden Administration.

BNN.ca
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