Shares of several cannabis stocks, including Aurora Cannabis Inc
, Canopy Growth Corp , Cronos Group Inc , Sundial Growers Inc and Tilray Inc , are all trading higher during Friday’s pre-market session on continued strength following a report from yesterday indicating The House Rules Committee has scheduled a Monday-afternoon meeting to prepare a federal marijuana legalization bill for floor action.
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Marijuana Opportunity, Reinvestment and Expungement (MORE) Act is poised to end up on the House floor next week, reported Marijuana Moment.
Rumors of a floor vote, coming from a congressional staffer and a key advocate familiar with the high-level discussions and another source close to Marijuana Moment's redaction, are being fueled by a closed-to-press session held weeks ago by congressional Democrats at a party retreat. The session featured a panel on advancing marijuana reform.
Cannabis advocates have been working tirelessly to bring a bill to federally legalize cannabis, to the House floor again this month.
The Marijuana Justice Coalition (MJC), a broad coalition of national advocacy organizations convened by the Drug Policy Alliance, including the American Civil Liberties Union and Human Rights Watch, sent a letter to House Speaker Nancy Pelosi (D-CA) and House Majority Leader Steny Hoyer (D-MD) earlier this month, calling for a floor vote on the bill.
Nadler’s bill was approved 26-15, with 24 Democrats joined by two Republicans at the House Judiciary Committee this session in September.
The MORE Act repeals the long-standing federal prohibition of marijuana by removing it from the Controlled Substances Act, that way ending the state/federal conflict over cannabis policies and providing state governments with greater authority to regulate marijuana-related activities, including retail sales.
“This legislation would end federal marijuana prohibition, address the collateral consequences of federal marijuana criminalization, and take steps to ensure the legal marketplace is diverse and inclusive,” MJC’s letter stated.
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