Pot Stocks Soar in Anticipation of Cannabis Rescheduling Vote

Pot stocks soared last Thursday after it was confirmed that Congress will be voting on a bill to reschedule cannabis; the Marijuana Opportunity Reinvestment and Expungement Act. This is as was reported by Marijuana Moment last Friday.

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The U.S. House of Representatives is set to take a vote on the widely popularized Marijuana Opportunity, Reinvestment and Expungement Act, better known as the MORE Act. This is a proposed legislation that seeks to remove cannabis from the schedule 1of the controlled substances act (CSA). This schedule includes drugs that “have no medical value and have a high potential for abuse.” It’s intriguing to have cannabis still listed in this category after all the decades of research that has revealed the immense therapeutic potential of cannabis.

The MORE Act also seeks to introduce criminal and social justice reforms that are related to cannabis prohibition. This includes the expungement of previous criminal convictions that are related to nonviolent marijuana related crimes.

The bill was first introduced in 2019 and was passed overwhelmingly by the U.S House of Representatives in December, 2020. However, it failed to gain considerable support in the Senate which by then was Republican controlled.

It is expected that the MORE Act will find its way again to the House of Representatives for a vote. If a majority of the legislators support the bill and pass it, it will be moved again to the senate before heading to the desk of the POTUS Joe Biden.

In anticipation of the vote, cannabis stocks soared last week. Tilray and Sundial increased value by about 20% while Canopy Growth increased value by about 10%. Cannabis enthusiasts are eager to see how things will unravel this week; and what happens to the MORE Act. The risk takers have even gone ahead to put their money where their mouth is, as seen in the soaring of cannabis stocks. However, some industry thought leaders are skeptical about a possible federal legalization in 2022, let’s hold on a minute.