SNDL - Cannabis stocks hit amid concerns marijuana legalization bill won't pass

Oulaphone Sonesouphap/iStock via Getty Images Cannabis distributors closed down significantly lower today as it has become apparent the marijuana legalization bill introduced today by Senate Majority Leader Chuck Schumer (D-N.Y.) faces an uphill battle. The Cannabis Administration and Opportunity Act would legalize marijuana on the federal level. At a press conference to introduce the draft legislation today, Schumer admitted that as of now, there aren't enough votes in the Senate for it to pass. The bill needs 60 votes to pass, yet there are some Democrats who do not back the bill, as well as many Republicans. Also, President Biden has supported decriminalization but not legalization, and his signature is necessary for the legislation to become law, Politico reports. Cannabis distributors today: OrganiGram Holdings ([[OGI]] -10.2%); Cronos Group ([[CRON]] -5.4%); HEXO Corp. ([[HEXO]] -7.5%); Aurora Cannabis ([[ACB]] -10.3%); Canopy Growth ([[CGC]] -6.6%); Tilray ([[TLRY]] -8.0%),  Sundial Growers ([[SNDL]] -4.0%); and GrowGeneration ([[GRWG]] -11.1%). Multi-state operators today: Trulieve Cannabis

For further details see:

Cannabis stocks hit amid concerns marijuana legalization bill won't pass