November 21, 2019 / 5:47 PM / 3 months ago

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

(Updates)

** Shares of cannabis firms jump as U.S. House Judiciary Committee approves a bill to legalize marijuana

** Shares of Canopy Growth and Aurora Cannabis up more than 20%, Aphria Inc 14%, Tilray Inc 10%, Cronos 15%, Sundial Growers 17%

** The bill removes marijuana from the list of federally-controlled substances (bit.ly/2QHmbgf)

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

** 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

** Alternative harvest ETF, which tracks cannabis-related stocks, down ~25% YTD

** Alan Brochstein of New Cannabis Ventures, which ranks top revenue producing cannabis companies, says it’s such an early step in a long process that there are no near-term implications for cannabis stocks, adding that the Senate isn’t likely to approve it (Reporting by Arundhati Sarkar in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below