From Ian Cooper
Cannabis stocks could see higher highs.
For one, Senate Democrats says they’ll introduce a decriminalization bill this week.
“Majority Leader Chuck Schumer worked with Senators Cory Booker of New Jersey and Ron Wyden of Oregon on the measure. The senators circulated a draft of the bill last year and made tweaks after feedback from Senate committees,” reported Bloomberg. “The Cannabis Administration and Opportunity Act would remove marijuana from the list of drugs covered by the Controlled Substances Act.”
Two, we have to consider there’s growing state approval, with votes coming up in November for legalization. Three, Democrats are pushing President Biden to use “existing authority” to legalize cannabis. With that, investors may want to keep an eye on related ETFs, such as the Advisor Shares Pure US Cannabis ETF (MSOS), the ETFMG Alternative Harvest ETF (MJ), and The Cannabis ETF (THCX).