Cannabis stocks continued their post-election rise from the ashes Monday, ahead of votes this week regarding decriminalization in the U.S. House of Representatives and at the United Nations.
Just after markets closed early on Black Friday, the House announced a scheduled vote Wednesday on the Marijuana Opportunity Reinvestment and Expungement Act. The bill, known by the acronym MORE, would decriminalize marijuana on the federal level and make other changes, though it is unlikely to become law soon because the U.S. Senate has not shown willingness to act on it.
The United Nations Commission on Narcotic Drugs will begin meeting on Wednesday as well, and is expected to vote on World Health Organization recommendations related to cannabis. The most prominent suggestion is to remove cannabis from a list of illegal narcotics, which — while largely symbolic — could help with legalization efforts in several countries, especially regarding medicinal marijuana.
Those votes follow legalization of recreational-cannabis sales in four additional states on Election Day, which means that one-third of Americans now live in states that have fully decriminalized the drug. Stocks in marijuana companies have been flying higher since the election, after getting pummeled amid difficulty reaching heights expected after Canada federally approved legalization in October 2018.
Aurora Cannabis Inc. ACB,
Sundial Growers Inc. shares SNDL,
Other large Canadian cannabis companies — which, unlike U.S. pot companies, are allowed to trade on major U.S. exchanges because the drug is legal nationwide in Canada — also enjoyed strong trading sessions Monday.
Tilray Inc. TLRY,