HEXO - Cannabis stocks gain as the House clears marijuana legalization bill

The Lower House of U.S. Congress has cleared a key piece of legislation designed to legalize marijuana at the federal level. The Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act, sponsored by House Judiciary Committee Chairman Jerrold Nadler (D-NY), aims to remove cannabis from the list of federally controlled substances, among its other objectives. After an hour of debate the full chamber voted 220-204 to approve the MORE Act, marking the second time the bill has cleared the House. A previous version of the MORE Act cleared the House floor in December 2020, but it stalled in the Senate. The news of the upcoming vote on the bill propelled cannabis stocks higher late last week. Canadian Licensed Producers: Canopy Growth (NASDAQ:CGC +0.8%), Tilray (NASDAQ:TLRY +2.3%), Cronos (NASDAQ:CRON +1.5%), Aurora Cannabis (NASDAQ:ACB +1.5%), Sundial Growers (SNDL +4.2%), OrganiGram Holdings (OGI +3.0%), HEXO Corp (HEXO +0.8%) U.S. MSOs: MedMen Enterprises (OTCQB:MMNFF +3.9%), Curaleaf

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Cannabis stocks gain as the House clears marijuana legalization bill