Cannabis Stocks Nervously Falling On Uncertainty Of Marijuana Legalization Prospects

The House of Representatives approved the final rule to advance the MORE Act to a floor vote, which is expected to take place on Friday.

Members on both sides of the aisle took their turns debating the Marijuana Opportunity, Reinvestment and Expungement, the MORE Act, which was approved Wednesday by the House Rules Committee.

House Speaker Nancy Pelosi Came Out Swinging

She said cannabis reform "addresses the injustice” of prohibition and that “for far too long, failed federal drug policies have torn apart families and devastated communities of color."

“Tragically, the communities most harmed by criminalization are benefiting the least from legal cannabis marketplaces, as prior cannabis convictions are barring too many of them from entering the industry,” she said, then referred to the more 600,000 Americans still arrested annually on cannabis charges.  "With the MORE Act, which the Democratic House proudly passed last Congress, we take strong actions to correct these injustices,” the speaker continued, calling it landmark legislation and "one of the most important criminal justice reform bills in recent history."

And Then There’s The Senate

Rep. Ed Perlmutter (D-CO) used some of his time to pressure the Senate to finally act on cannabis reform. “The House is acting again this week to urge the Senate to finally pass meaningful cannabis reform legislation,” he said.

And Finally, There Are Cannabis Stocks...Falling Under Uncertainty

"Buy the rumor, sell the news" as the saying goes. This week rumors, news, headlines then back to rumors served to create a volatile week for cannabis stocks. 

Tilray Brands Inc (NASDAQ: TLRY) was trending higher Wednesday on investor optimism but then dropped 3.99%, on Thursday, like so many after the close.

Other Canadian stocks that fell included Aurora Cannabis ACB down 3.85%, Hexo HEXO down 2.13% and Canopy Growth CGC was down 4.77%. 

US weed stocks like Curaleaf CURLF dropped 0.83%, GrowGeneration GRWG down 5.73% and OrganiGram Holdings

OGI slumped 3.47%.