House Votes YES on Legal Pot
At 10:00 a.m. today I tuned in to watch the House Judiciary Committee’s markup and potential vote on HR 3884, the Marijuana Opportunity Reinvestment and Expungement Act of 2019.
The MORE Act could be the key legislation that finally provides a pathway to full legalization.
Emphasis on “could”…
After all, this is the U.S. government we’re talking about.
They are the masters of dragging their feet on important legislation.
I Waited… and Waited… Then Finally the Hearing Started
Technology is great… I was able to tune in to the hearing via the House Judiciary website, which featured a YouTube live stream of today’s markup.
I was running a few minutes late… The House Committee was running even later. I waited and waited for the meeting to begin…
Finally about 30–40 minutes later things kicked off.
The first thing that became evident as the hearing proceeded was these committees are grossly inefficient.
After waiting over half an hour for the hearing to start… I was treated to a thrilling debate, led by Rep. Doug Collins of Georgia, on how the committee had failed to earmark enough time to properly address amendments and markups and then vote on the bill.
Mr. Collins had a point… The committee was just getting to business by 11 a.m. and they had previously agreed upon a hard stop at 3 p.m.
Must be nice to have a four-hour workday… but I digress.
Eventually, We Got to Business
Almost an hour into the markup we finally saw this committee get to business and begin listening to proposed amendments.
Various arguments were made in favor of the bill or in favor of amendments to strengthen the bill, most of which seemed to be credible efforts to right the wrongs of prohibition.
The debate raged on well into the afternoon… but finally we had a vote. In a 24 – 10 ruling, the House Judiciary voted “yes” on pot.
Here’s What to Expect Next
Make no mistake about this is a historic moment for marijuana legalization. And this helped fuel a major surge in pot stocks today.
Many of the major players were up double-digits by the closing bell today. The ETFMG Alternative Harvest ETf (MJ) for example surged over 3%.
Big names like Canopy Growth (NYSE: CGC) and Aurora Cannabis (NYSE: ACB) surged over 15% and 12% respectively.
We still have a long way to go to get back to the record highs many pot stocks saw earlier this year, but a “yes” vote on the MORE Act is the perfect catalyst to set the next round of marijuana profits in motion.
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