Pot stocks spark retail interest as decriminalization bill heads to House
25/03/2022 11:32
** Pot stocks jump in retail investor interest as the U.S.
House of Representatives schedules to consider a cannabis
decriminalization bill https://bit.ly/3Le9mTJ next week
** Discussions of the "Marijuana Opportunity Reinvestment
and Expungement Act", or MORE Act, gain traction on Reddit
including r/wallstreetbets of GameStop GME.N fame
** Tilray TLRY.O and U.S. shares of Canada-based Sundial
Growers SNDL.O and Canopy Growth CGC.O among the top 10 most
watched or discussed stocks on retail investor forum Stocktwits
** Cos up 11.5%-20.4%; among top pct. gainers and most
active vols. premarket across U.S. exchanges
** Other U.S. shares of Canada-based cos Cronos Group
CRON.O , Hexo HEXO.O , Flora Growth FLGC.O and Aurora
Cannabis ACB.O climb 7.3%-13.8% and also feature on top movers
list
** Pot stocks trackers MJ ETF MJ.P and AdvisorShares Pure
US Cannabis ETF MSOS.P up 6.5% and 3.1%, respectively
** The MORE Act seeks to remove cannabis from the list of
federally controlled substances; a previous version of the bill
had passed the House in 2020 but did not clear the Senate
** Canada-listed cos only operate in certain U.S. states
since marijuana is illegal at the federal level
(Reporting by Ruhi Soni in Bengaluru)
((Ruhi.Soni@thomsonreuters.com;
Twitter: https://twitter.com/ruhithere;))