Cannabis Stocks in Red-Hot Rally as Lawmakers Eye Vote to Decriminalize Marijuana

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Cannabis Stocks in Red-Hot Rally as Lawmakers Eye Vote to Decriminalize Marijuana
Credit: © Reuters.

By Yasin Ebrahim

Investing.com -- Cannabis stocks were on fire Thursday as U.S. lawmakers are set to vote on a bill to decriminalize marijuana at the federal level next week, Bloomberg reported, citing an unnamed source.

Aurora Cannabis Inc (TSX: ACB ), Cronos Group Inc (NASDAQ: CRON ), and Tilray Inc (NASDAQ: TLRY ) were sharply higher, with the latter up more than 11%. 

The Cannabis Administration and Opportunity Act seeks to declassify marijuana as a controlled substance, or a “Schedule I” drug such as hallucinogen lysergic acid diethylamide (LSD) and heroin. 

The bill, however, faces a tough task to make it through the Senate as lawmakers on both sides of the political aisle are against decriminalizing marijuana. A version of the bill previously passed the House in December 2020, but failed to advance in the Senate.

 
The House earlier this year backed the bill by a slender 220 to 204 margin.

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