(Marijuana Moment) Shares of Tilray jumped 18% on Friday, adding gains after a 21% rise on Thursday as the US House heads to vote on federal legalization of Marijuana next week.
Other cannabis stocks jumped as optimism grew that the US House of Representatives would vote for the bill to legalize marijuana at the federal level.
An earlier version of the so-called Marijuana Opportunity, Reinvestment, and Expungement or MORE was cleared in the US house chamber the last session but stalled in the Republican-led Senate.
If passed, the legislation will delist cannabis from controlled substances. The bill is also expected to enhance social equity in the cannabis sector.
In readiness for the bill to enter the House floor next week, the Rules Committee will reportedly take up the measure in a Monday meeting to prepare it for voting.
Further provisions of the MORE Act are allowing people with past convictions to have their records stripped off and the creation of a federal tax on cannabis that supports community programs. MORE also creates a pathway for resentencing individuals jailed for cannabis-related offenses.
TLRY is up +18.08% on premarket, ACB is up +12.87% on premarket, CGC is up +8.23% on premarket.
