The US House of Representatives plans to vote on the MORE (Marijuana Opportunity, Reinvestment and Expungement Act) for a second time. This law would legalize cannabis at the federal level.
The bill is part of a list to be discussed next week. In addition to decriminalizing cannabis, the More Act also calls for the removal of cannabis convictions and reinvestment in communities hardest hit by the 'war on drugs'.
In total, 228 House Representatives voted in favor of the MORE Act. However, to become law, the bill must be passed by the Republican-controlled Senate. That didn't happen. The news of a new vote caused a surge of many cannabis stocks.
Canopy Growth Corp (CGC), +10,00%, WEED +9,06%. The Canadian company is poised to take immediate advantage of US legalization as it has an option to acquire Acreage Holdings, a multi-state operator, once the law changes. Aurora Cannabis (ACB), +10,40% up 12%, Cronos Group Inc. (CRON), +5,78% and Tilray Brands Inc. (TLRY), +22,81% up 13,6%.
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