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

Thu 21st November, 2019 5:44pm
(Updates)
    ** Shares of cannabis firms jump as U.S. House Judiciary
Committee approves a bill to legalize marijuana
    ** Shares of Canopy Growth  WEED.TO  and Aurora Cannabis
 ACB.TO  up more than 20%, Aphria Inc  APHA.TO  14%, Tilray Inc
 TLRY.O  10%, Cronos  CRON.TO  15%, Sundial Growers  SNDL.O  17%
    ** The bill removes marijuana from the list of
federally-controlled substances (https://bit.ly/2QHmbgf)
    ** The Marijuana Opportunity Reinvestment and Expungement
Act of 2019, or MORE Act, was passed by a 24-10 vote on
Wednesday  urn:newsml:reuters.com:*:nL3N2813EE
    ** 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  MJ.P , 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)
 ((Arundhati.Sarkar@thomsonreuters.com; +1 646 223 8780 Ext:
1524; Reuters Messaging:
arundhati.sarkar.thomsonreuters.com@reuters.net))
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