Pot stocks edge up as U.S. House passes bill to legalize marijuana

Clever Leaves Holdings

01/04/2022 18:26

** Pot stocks edge higher after the U.S. House of
Representatives passes a bill to end the federal ban on
marijuana  urn:newsml:reuters.com:*:nL2N2VY25I
    ** Shares in Tilray  TLRY.O , Sundial Growers  SNDL.O , Hexo
 HEXO.O , Flora Growth  FLGC.O  and Aurora Cannabis  ACB.O  up
between 0.4% and 2.9%
    ** The Marijuana Opportunity Reinvestment and Expungement
Act removes marijuana from the list of controlled substances and
eliminates criminal penalties for individuals who grow,
distribute or possess it
    ** But the MORE act will need to gain 60 votes in the evenly
divided Senate before moving to President Joe Biden's desk for
his signature, an outcome widely seen as unlikely
    ** Pot stocks trackers MJ ETF  MJ.P  and AdvisorShares Pure
US Cannabis ETF  MSOS.P  up 0.7% and 0.8%, respectively
    ** Weed stocks have rallied recently in anticipation of the
vote and on growing retail interest  urn:newsml:reuters.com:*:nL3N2VS357
    ** "We would expect this rally to fade quickly after the
vote on Friday given the extremely speculative nature of these
flows, and given the hurdles this bill will face in the Senate,"
analysts at Vanda Research said in a note earlier this week 

 (Reporting by Sruthi Shankar)
 ((sruthi.shankar@thomsonreuters.com))