Congress will vote this week to legalize marijuana.
U.S. House of Representatives Majority Leader Steny Hoyer made the announcement on Friday, November 27. The Maryland democrat announced plans to put the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act to a vote before the entire congressional body.
The vote is not coming as a surprise. Originally slated for September, moderate democrats requested the vote be delayed until after the election to help in some tight reelection races.
The market reacted positively today, with small speculative companies including Sundial Growers Inc. (NASDAQ: SNDL) and India Globalization Capital, Inc. (NYSE: IGC) surging up to 100% and 40% respectively.
Larger industry players have seen their stocks price climb, too. At writing, Aurora Cannabis Inc. (NYSE: ACB) is up about 11% and Tilray, Inc. (NASDAQ: TLRY) is up about 6%.
The federal vote is coming only a few weeks after voters across the country overwhelmingly supported relaxing state drug laws.
The laws were passed in blue, red, and purple states. This includes the District of Columbia, Oregon, Arizona, South Dakota, Mississippi, New Jersey, and Montana.
The bill’s fate is uncertain in the Republican-controlled Senate.
Current President Donald Trump has not said one way or the other if he will sign the bill into law.
President-Elect Joe Biden has expressed support for decriminalization and conviction expungement on the campaign trail. The Senate bill is sponsored by Vice President-Elect Kamala Harris.
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