Investor optimism over the possibility of federal cannabis legalization has contributed to a strong rally in beaten-down pot stocks. The Alternative Harvest ETF has gained more than 10% in March, and its on pace for its best month since February 2021. The exchange-traded fund was just about flat year to date but down 50% over the past 12-months. The recent upswing in marijuana shares mirrors moves higher seen early last year on similar reform hopes. On Wednesday, the House Rules Committee is set to hold a hearing on the Marijuana Opportunity Reinvestment and Expungement Act, which would decriminalize cannabis at the federal level. The bill — better known as the MORE Act — would also create provisions for banking and consumer packaged goods sales. The measure is expected to head to the full House for a vote Friday. “I’ve been very optimistic about the MORE Act passing the House.” Rep. Ed Perlmutter, D-Colo., told CNBC ahead of the hearing. The bill faces an uncertain future in the razor-thin Democratically-controlled Senate. Perlmutter, a member on the Rules panel a co-sponsor of the MORE Act, has long been a supporter of legalizing cannabis.
Cannabis Business Executive – Cannabis and Marijuana industry news, 03/30/2022 10:32:00