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Company News

BUZZ-Pot stocks high as U.S. House panel passes Bill to federally legalize marijuana

(Updates shares, adds analyst quote, U.S. House leader comment; changes sourcing)

** Shares of cannabis firms jump as U.S. House Judiciary Committee approves a Bill to legalize marijuana across the United States

** Shares of Canopy Growth up 13.11%, Aurora Cannabis 12%, Aphria Inc, Tilray Inc both rise 7.5%, Cronos gains 9.3%

** The Bill removes marijuana from the list of federally-controlled substances

** Federal legalization would be a big positive for investor sentiment surrounding cannabis equities, which have been battered by oversupply and a steep price decline - Garrett Nelson, senior analyst at CFRA Research

** The Marijuana Opportunity Reinvestment and Expungement Act of 2019, or MORE Act, was passed by a 24-10 vote on Wednesday

** U.S. House Majority Leader Steny Hoyer tweeted “...This bill will help communities of color disproportionately hurt by our current marijuana laws.”

Reporting by Arundhati Sarkar in Bengaluru

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