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- Jim Cramer said that Canadian cannabis giant Canopy Growth needs a few things to happen for its stock to rally to previous highs.
- There is optimism over prospects of U.S. cannabis legalization.
Cannabis investors are in the midst of earnings season, which is also a timely opportunity to take a glimpse at the stock performance of some big players within the space.
While Canadian marijuana stocks are struggling to gain momentum, optimism over prospects of U.S. cannabis legalization is evident, Investor’s Business Daily’ Bill Peters writes.
The U.S. House of Representatives approved the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act, H.R. 3617, in April. The legislation which would remove cannabis from the Federal Controlled Substances Act, allowing states to legalize cannabis, its production and sales free from federal interference, is now waiting for the Senate’s review.
On the other side, Sen. Charles Schumer (D-N.Y.) recently reaffirmed the postponement of filing a comprehensive marijuana reform proposal from April to sometime before the August recess.
A group of 24 senators from both sides of the aisle urged congressional leaders earlier this month to enact marijuana banking provisions into law as part of the large-scale manufacturing bill, the America COMPETES Act. And about a quarter of the House voting members have lined up behind an idea that the bipartisan Secure and Fair Enforcement (SAFE) Banking Act would “help cannabis-related businesses, support innovation, create jobs, and strengthen public safety in our communities.”
In addition, Rep. Nancy Mace (R-SC), a Republican congresswoman who championed the States Reform Act — a cannabis reform bill — said in March that she has received assurances there will be a hearing on her proposal, even as a minority member of the chamber.
To Read The Rest Of This Article By Jelena Martinovic on Benzinga
Published: May 23, 2022
Founder & Interim Editor of L.A. Cannabis News