Legalization at the US federal level should continue to drive business.
(Photo: Reuters)
Dusseldorf The prospect of legalizing marijuana nationwide in the United States has sparked a rally in cannabis stocks. The industry ETF “Global X Cannabis” rose by almost ten percent on the Nasdaq on Thursday. On Friday it is up another eight percent before the market.
The trigger for the rising prices were reports from the portals “The Hill” and “Marijuana Moment”. Accordingly, the US House of Representatives plans to vote on the “Marijuana Opportunity, Reinvestment and Expungement Act” (More) next week. If politicians vote for More, cannabis would be legalized at the federal level.
So far, cannabis has only been legalized in a few US states. Reportedly, the bill would remove cannabis from the federally controlled substances list and eliminate criminal penalties. The business of cannabis companies should benefit from this.
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