Cannabis Stocks are Soaring, After Senate Democrats Report
Cannabis stocks have had a hot week after a new report has revealed that Senate Democrats are planning to introduce a bill for federal decriminalization.
Sources told Bloomberg that Majority Leader Chuck Schumer worked with Senators Cory Booker and Ron Wyden on the bill. The bill is called the Cannabis Administration and Opportunity act, and would remove marijuana from the Controlled Substances Act, which classifies cannabis as a schedule-1 narcotic.
Investors responded to the news on Thursday with big moves on cannabis companies such as Tilray Brands, Aurora Cannabis, Canopy Growth and more.
The bill would also offer grant money to underserved communities to enter the recreational marijuana space, which could expand the market.
The PRISM Cannabis Index could be an index to watch in the near future.