Many cannabis stocks, including Tilray (NASDAQ:TLRY) stock, are climbing today on news the House of Representatives scheduled a vote next week on a bill that would legalize cannabis throughout the U.S.
So what do you need to know? Called the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, the bill would amend U.S. federal law to make marijuana legal. Rep. Jerrold Nadler, who chairs the House Judiciary Committee, is the sponsor of the bill.
Investors should also note that this is not the first time this legislation has surfaced. In fact, the House passed an earlier version of the MORE Act at the end of 2020.
However, the Senate at that time failed to pass the legislation.
Why Is Tilray (TLRY) Stock Up Today?
Now, the legislation is back in the spotlight again. On Monday afternoon, the House Rules Committee is slated to lay the framework that the rest of the House will use to consider the bill. Anticipation for renewed discussion by lawmakers is lifting Tilray and its peers today.
Also helping matters is news of another piece of cannabis-related legislation. Yesterday the Senate unanimously approved a bill that would make it easier for researchers to obtain federal funds to study cannabis. The legislation would also “encourage the Food and Drug Administration (FDA) to develop cannabis-derived medicines.”
In morning trading, TLRY stock is up 10% to $7.60, Aurora Cannabis (NASDAQ:ACB) was climbing 1%, Canopy Growth (NASDAQ:CGC) was rising 2% and Hexo (NASDAQ:HEXO) added 1.6%.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
