A bill that would decriminalize marijuana at the federal level could be announced by Senate Democrats as early as next week, a source familiar with the matter told Bloomberg.
The measure is reported to have been worked on by Majority Leader Chuck Schumer, along with Sens. Cory Booker and Ron Wyden. A draft of the bill had previously been released to Senate committees for feedback.
Whether it has a chance of surviving the Senate with a simple majority is unknown. But cannabis stocks have since soared after news of the bill’s possible introduction next week was revealed.
Shares of Tilray Brands, a global pharmaceutical, cannabis-lifestyle and consumer packaged goods company, jumped almost 14%. Investors are also diving into Canadian producers Canopy Growth (up 11%) and Aurora Cannabis (up 11%).
Cronos Group, a company focused on cannabis technology and product developments, also saw a positive shift, with its stock rising almost 4% today.
Those gains on Thursday came as U.S. stocks fell sharply, marking the S&P 500’s fifth consecutive day of losses.
A draft of the cannabis bill says legalizing marijuana would bring an end to the war on drugs, which it describes as a war on people, particularly people of color.
H/T: Fortune.com
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