Pot Stocks Take Flight
It was a historic vote.
As you know, while all eyes on Capitol Hill were focused on the impeachment proceedings Wednesday, the House Judiciary Committee voted to approve the Marijuana Opportunity Reinvestment and Expungement (MORE) Act of 2019.
Marijuana activists around the country rejoiced in the victory…
If passed in both houses and signed by the president, the MORE Act would end federal cannabis prohibition in the United States.
The vote was also meaningful because it marks the first time in history a congressional committee passed a cannabis legalization bill.
But More Work Needs to Be Done
But the reality is that it probably won’t become the law of the land…
The bill still needs to survive full votes from the House (which it likely will) and the Senate (which it likely won’t).
I think that the STATES Act, which would keep the federal government from interfering with activities that are legal at the state level, is a more likely first step before full federal legalization.
And President Trump has already said he’d likely sign it.
Still, Wednesday’s vote on the MORE Act is an important milestone.
It matters that the vote got bipartisan support. And the timing could prove interesting, particularly if it becomes politically expedient to push a legislative change that’s already overwhelmingly supported by both Democrat and Republican voters ahead of the election cycle and amid the ongoing impeachment drama.
But one important positive side effect of the vote is playing out in the market…
Cannabis stocks have been surging to close the week.
And a number of the companies we’ve talked about over the past year have been flying high.
Here’s Who’s Moving
Both ETFs we’ve previously featured, the ETFMG Alternative Harvest ETF (MJ) and the lesser-known Horizons Marijuana Life Sciences Index ETF (HMLSF), soared to close the week. HMLSF gained almost 15% and MJ rose 12% from Tuesday’s closing price to their closing prices Thursday.
Single stocks soared even higher. Curaleaf (OTCBB: CURLF) has jumped over 15%. Tilray (NASDAQ: TLRY) gained over 12% and big boys like Aurora Cannabis (NYSE: ACB) and Canopy Growth Corp. (NYSE: CGC) surged 33% and 32%, respectively in the same Tuesday – Thursday time frame.
Wednesday’s vote clearly was moving the needle. Now we need buyers on Wall Street to stay bullish and the folks in Washington to follow through on their promises.
For Technology Profits Daily,
Chief Technology Expert, Technology Profits Daily