Investors may want to keep an eye on cannabis stocks, like Canopy Growth (CGC).
The stock could see higher highs, as we near potential federal legalization. Earlier this year, President Biden asked federal officials to start a review process of how marijuana is “scheduled”, or classified, under federal law.
“Today represents action from the Administration that we have been waiting for – an acknowledgement that cannabis prohibition has failed and that too many lives have been significantly impacted as a result,” David Culver, vice president of govt. relations Canopy, said, as quoted by CNBC at the time.
Now, the President signed a marijuana research bill, which, according to Marijuana Moment is the “first piece of standalone federal cannabis reform legislation in U.S. history.”
“The law gives the U.S. attorney general 60 days to either approve a given application or request supplemental information from the marijuana research applicant. It also creates a more efficient pathway for researchers who request larger quantities of cannabis.”
This takes us a step closer to federal legalization, and higher highs for related stocks.