Cannabis Stocks in Red-Hot Rally as Lawmakers Eye Vote to Decriminalize Marijuana
2022.07.14 22:31
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.
