While the post-election world has seen its share of craziness, the news has been nothing but good for the cannabis industry. According to a report published in Marketwatch on Monday, post-election cannabis stocks continue to rise, proving once and for all that you can never rely on the cannabis market for too long.
The actions were supported by two rounds of decent news, both from the US House and the United Nations. There are reports that the House is finally set to vote on legalizing cannabis – something it gave up just before the election – while the United Nations Commission on Narcotic Drugs will hold its own vote.
“Right after the market closed early on Black Friday, the House announced a vote scheduled for Wednesday on the marijuana re-investment and removal of opportunities law,” a report noted in Marketwatch. “The bill, known by the acronym MORE, would decriminalize marijuana at the federal level and make other changes, although it is unlikely to become law soon because the US Senate has not shown the willingness to act. “
And, if the news wasn’t good enough, the United Nations would also have to vote on the WHO recommendations.
“The United Nations Commission on Narcotic Drugs will also begin meeting on Wednesday and is expected to vote on World Health Organization recommendations on cannabis,” the site wrote. “The most important suggestion is to remove cannabis from a list of illegal narcotics, which – although largely symbolic – could aid legalization efforts in several countries, particularly with regard to medicinal marijuana.”
Cannabis activists and business representatives across the country celebrated the moves.
“By advancing the MORE Act, the House of Representatives is sending an unequivocal signal that America is ready to shut down the book on banning marijuana and end the senseless oppression and fear that this policy failure does not affect otherwise law-abiding citizens, ”NORML, Political Director Justin. Strekal said in a statement.
“Americans are ready to responsibly legalize and regulate marijuana, and this vote shows some lawmakers are finally listening. “
But, more importantly for investors, the news sent stocks skyrocketing.
According to MarketWatch, “Aurora Cannabis Inc. jumped 19% in Monday trading.” Meanwhile, Sundial Growers Inc. has seen its shares double.
It was a record day for industry stocks.
“Tilray Inc. gained up to 12.8%, Aphria Inc. gained over 12% at its peak and cannabis pharmaceutical company GW Pharmaceutical PLC increased its value by over 7%,” wrote MarkWatch . “The ETFMG Alternative Harvest Index and the Horizon Marijuana Life Sciences Index were both more than 3% higher at certain points in Monday’s trading.”
Congress “must capitalize on this momentum,” Representative Earl Blumenauer said in a statement. It seems the markets have already done it.