- Shares of Curaleaf Holdings ( OTCPK:CURLF ) -- like other multi-state operators (MSOs) -- closed higher today. The Wakefield, Mass.-based cannabis operator added ~5.6% .
- MedMen Enterprises ( OTCQB:MMNFF ) and Cresco Labs ( OTCQX:CRLBF ) had the highest returns among large MSOs today of, respectively, 24.3% and 12.8% .
- The likely reason for the boosts was a news report from Bloomberg indicating that a long-anticipated marijuana legalization bill from Senate Democrats will be introduced next week.
- The measure, the Cannabis Administration and Opportunity Act, is large in scope as it would not only remove marijuana as a schedule I controlled substance, but also includes criminal justice reforms.
- In order to get the the legislation passed, Democrats will need all of its it members to vote in favor of it, as well as at least 10 Republicans, a prospect that many congressional observers think won't happen.
- Also, the measure doesn't include language that would allow cannabis companies to do business with the U.S. financial system, something that has more bipartisan support. However, the SAFE Banking Act could be tucked into a defense spending bill .
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Why did Curaleaf stock rise today? Renewed hope for marijuana legalization