January 25, 2021

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Pot Stocks Gain With U.S. House to Vote on Decriminalization

(Bloomberg) — Pot stocks jumped after an updated U.S. House schedule showed a vote will be held on marijuana decriminalization next week.



a bunch of food on a table: Different strains of cannabis are displayed for sale at the Harborside dispensary in Oakland, California, U.S., on Monday, March 23, 2020. California's shelter-in-place order vastly expands mandates put in place across the San Francisco Bay Area. It allows people in the most populous U.S. state to leave their homes for needed items like groceries and medicine, while otherwise requiring that they limit their social interactions.


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Different strains of cannabis are displayed for sale at the Harborside dispensary in Oakland, California, U.S., on Monday, March 23, 2020. California’s shelter-in-place order vastly expands mandates put in place across the San Francisco Bay Area. It allows people in the most populous U.S. state to leave their homes for needed items like groceries and medicine, while otherwise requiring that they limit their social interactions.

The BI Global Cannabis Competitive Peers index, which had been trading lower before the announcement, quickly gained 3% to the highest since Feb. 10. Aurora Cannabis Inc. rose 16%, Tilray Inc. jumped 14%, Harvest Health & Recreation Inc. added 11% and Cronos Group Inc. gained 8.6%.

A vote will be held on the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, which seeks to remove cannabis from the list of scheduled substances, according to a schedule update from Majority Leader Steny Hoyer. The House delayed a vote earlier this year. The Senate is not set to consider similar legislation at this time.

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