Cannabis Legalization Bill Just Passed Historic House Committee Vote

Cannabis stocks are showing big signs of life.

·      Canopy Growth (CGC) just ran from $13.80 to $17.64

·      Aurora Cannabis (ACB) ran from $2.14 to $2.64

·      Aphria (APHA) ran from $3.76 to $4.52

·      OrganiGram Holdings (OGI) ran from $2 to $2.46

·      Cronos Group (CRON) ran from $6.09 top $6.87

All thanks to the House Judiciary Committee, where The Marijuana Opportunity Reinvestment and Expungement (MORE) Act passed by a vote of 24 to 10.   While the bill still has a way to go before passage, there are hopes this move could federally decriminalize cannabis by removing it from Schedule I Controlled Substances.

It would also require federal courts to wipe out convictions for cannabis offense, and would authorize a 5% tax on cannabis sales going forward.

“For far too long, we have treated marijuana as a criminal justice problem instead of a matter of personal choice and public health.  Whatever one’s views on the use of marijuana for recreational or medicinal purposes, arresting, prosecuting, and incarcerating users at the federal level is unwise and unjust,” says Chairman Jerrold Nadler, as quoted by Rolling Stone.

Could Cannabis Soon be Legal Across the U.S.?

At the moment, it’s a wait and see.

While it easily passed the House Judiciary Committee, it must now go through seven other House committees, which could throw a wrench into the works.  That’s because the House is deeply divided on pushing through such legislation.  

Then, even if it passed the House committees, it would still need to pass the Senate.

Unfortunately, the bill could die there with many skeptical that Senate Majority Leader Mitch McConnell will allow any cannabis legislation to come to the floor.  

Again, it’s all a wait and see at this point. Stay tuned for more on this developing story.