Last week a committee of the U.S. Congress agreed to advance the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act bill to a full vote in the House where, were it to pass, would end federal cannabis prohibition. Marijuana stocks have jumped as a result of the news.
By Lorimer Wilson, editor of munKNEE.com – Your KEY To Making Money!
The U.S. Marijuana Index jumped 12.1% while the Canadian Marijuana Index went up 18.4% over the past two days as the passage of such a bill would be a boon to Canadian LPs who would gain full access to the American market. Such a move is all that more impressive given that the aforementioned indices are down 42.8% and 53.8% from the end of 2018, respectively.
Below is the performance of 82 cannabis stocks today, Thursday, November 21st, quoted in Canadian dollars (go here to convert Canadian dollars into American dollars).
The Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act bill which, has more than 50 co-sponsors, enables states to set their own policies while allowing them to expunge federal marijuana convictions and arrests. Additionally, the bill will authorize a 5% federal sales tax on marijuana products that are manufactured in, or imported into, the United States.