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Cannabis Stocks Rise On Breaking Senate Cannabis News

Cannabis stocks rose Thursday after Bloomberg reported that Senate Democrats plan to introduce legislation decriminalizing the popular and widespread plant’s use.

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The report said Senate Majority Leader Chuck Schumer and fellow democrats Cory Booker and Ron Wyden planned to introduce the Cannabis Administration and Opportunity Act.

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That sent weed stocks across the US and Canada higher with welcome relief after widespread losses that halved share prices across the sector this year.

The bill would exclude cannabis from the federal controlled substances list and include measures to reform the criminal justice system.

The trio drafted a preliminary bill last year and has amended it following broader Senate input.

Earlier this year, the Democrat-controlled US House of Representatives passed ‘The Marijuana Opportunity Reinvestment and Expungement Act’ to legalize cannabis at the federal level.

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The bill needs sixty Senate votes to pass and head to President Biden’s desk

Piper Sandler & Co analyst Michael Lavery believes the bill is already dead on arrival. The Democrats control less than the required sixty votes, and few Republican senators would back the bill. They note that two Democrats have already criticized the proposed law.

Lavery said that’s bill’s timing and details aren’t yet fully formed.

Canaccord Genuity’s Matt Bottomley saw the bill’s progress as hampered by its proximity to the November midterm elections and politicians’ known aversion to voting for anything people will remember.

Even so, Bottomley believes significant institutional funds are waiting for regulatory clarity before firing up their investment in the sector.

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Tilray Inc (NASDAQ:TLRY) is the 23rd most popular stock among retail investors linking their portfolios with Fintel for free. That’s up three places from Wednesday.

This week Tilray said shareholders approved its HEXO acquisition on July 5. It said the two expect the combination will save them $80 in operating costs over the next two years.

Tilray’s Fintel’s bullish 0.31 put/call ratio suggests a positive options market, and the graph below illustrates open call interest more than doubling put interest in the stock.

Fintel’s options flow data show Thursday’s call options volume following the Senate news.

Cannabis Stocks Rise On Breaking Senate Cannabis News

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