Keep an eye on cannabis stocks, like Canopy Growth (CGC).
Many are moving on hopes for legalization.
In fact, according to Marijuana Moment, a legalization bill from Rep. Nancy Mace (R-SC) may be imminent, and could de-schedule and regulate cannabis.
Here are some of the details of the potential bill, according to that article;
- Cannabis would be federally de-scheduled and treated in a manner similar to alcohol.
- A 3.75 percent excise tax would be imposed on cannabis sales. Revenue would support grant programs for community reentry, law enforcement and Small Business
- Administration aid for newly licensed businesses.
- The Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau (TTB) would be the chief regulator for marijuana with respect to interstate commerce.
- The legislation would grandfather existing state-licensed cannabis operators into the federal scheme to ensure continued patient access
- People with certain federal cannabis convictions that were non-violent would be eligible for expungements.
- To prevent youth use, there would be a mandatory 21 age limit for recreational cannabis, and the bill also prescribes certain restrictions on things like advertising.
- The Bureau of Labor Statistics (BLS) would be required to issue a report to Congress on the marijuana industry.
If it happens, cannabis stocks could see higher highs.
On speculation, CGC for example jumped 13% on Friday on volume of 14.8 million, as compared to daily average volume of five million shares.