Posted in Marijuana Investments

Cannabis stocks spike on report that Senate Democrats are planning to introduce a bill for federal decriminalization

 Posted by  Posted on July 14, 2022

Senate Majority Leader Chuck Schumer. AP Photo/J. Scott Applewhite © AP Photo/J. Scott Applewhite Senate Majority Leader Chuck Schumer. AP Photo/J. Scott Applewhite

  • Marijuana stocks soared after Bloomberg reported that said Senate Democrats will introduce a federal decriminalization bill next week. 
  • Shares of Tilray jumped as much as 20%, while Aurora Cannabis spiked 10%, and Canopy Growth climbed 7%.
  • The Cannabis Administration and Opportunity Act would remove marijuana from the Controlled Substances Act.
Speaker Nancy Pelosi's husband is making massive stock trades as Congress mulls whether to ban lawmakers and their spouses from trading. An Insider analysis estimated the Pelosis' cumulative wealth at at least $46.1 million. Insider compiled each of Paul Pelosi's trades that the speaker has reported since 2021. As members of Congress debate whether lawmakers and their spouses should play the stock market, House Speaker Nancy Pelosi's husband, Paul Pelosi, a venture capitalist, continues to regularly buy and sell stocks and stock options.Pelosi has access to confidential intelligence and the power to affect — with words or actions — the fortunes of companies in which her husband invests and trades.When asked in December 2021 whether members of Congress should even be allowed to trade stocks, Pelosi answered in the affirmative."We are a free-market economy. They should be able to participate in that," she said.This led some of her colleagues, on both the left and the right, to sharply criticize her — and draft legislation to restrict members of Congress and their spouses from trading stocks. "Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they're supposed to be regulating," Republican Sen. Josh Hawley said. "Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other at the expense of the country. Here's something we can do: ban all members of Congress from trading stocks and force those who do to pay their proceeds back to the American people. It's time to stop turning a blind eye to Washington profiteering." Sen. Jon Ossoff, a Democrat, introduced a similar bill alongside Sen. Mark Kelly with the intent to ban members of Congress and their families from trading stocks."Members of Congress should not be playing the stock market while we make federal policy and have extraordinary access to confidential information," Ossoff said. Pelosi has since softened her stance, but the fate of a congressional stock-trade ban remains unclear.A previous analysis from Insider estimated that the Pelosis are worth at least $46,123,051, making Nancy Pelosi one of the 25 richest members of Congress. The vast majority of the couple's wealth is derived from stocks, options, and investments made by Paul Pelosi. Here are all of the trades reported by Speaker Nancy Pelosi in 2021 and 2022:Read the original article on Business Insider

Marijuana stocks soared Thursday after Bloomberg reported that said Senate Democrats will introduce a federal decriminalization bill next week. 

Sources told Bloomberg that Majority Leader Chuck Schumer worked with Senators Cory Booker (D-NJ) and Ron Wyden (D-Oregon) on the bill. They made adjustments to a draft bill after circulating it last year and getting feedback from key committees, the report said. 

Shares of Tilray Brands jumped as much as 20%, while Aurora Cannabis spiked 10%, and Canopy Growth climbed 7%. The slow pace of a federal legalization effort has weighed on the sector, with Thursday’s news being a rare glimmer of hope. 

The bill, named the Cannabis Administration and Opportunity Act, would remove marijuana from the Controlled Substances Act, which classifies cannabis as a schedule-1 narcotic. It would still allow states to keep or enact bans on production and distribution, according to Bloomberg.

The bill would also offer grants to underserved communities to enter the recreational marijuana space. The House already voted in April to decriminalize marijuana, eradicate previous convictions, and apply taxes to new cannabis businesses. 

But the legislation would face long odds once it reaches Senate Republicans, as the bill would likely require at least 60 votes to pass the evenly divided chamber.

Author: CSN