On Wednesday (November 20), a congressional committee voted in favor of a new bill that would lift the federal ban on cannabis in the US.
The Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) was approved by the House Judiciary Committee with a 24 to 10 vote and will now move on to Congress. It is expected to be approved by the Democrat-controlled government body.
However, if approved by the Congress the bill would move on to the Senate, where it is expected to see a slower traction process and more opposition.
The MORE Act follows in the footsteps of the Secure and Fair Enforcement Banking Act (SAFE Banking Act), which was passed on to the Senate back in September.
“Federal action on this issue would follow growing recognition in the states that the status quo is unacceptable,” House Judiciary Committee Chairman Jerry Nadler (D-NY) said in his opening remarks.
In addition to descheduling cannabis as a federally illegal substance, the MORE Act would seek to create a road for addressing criminal records and other federal requests for people with cannabis offenses.
“This legislation won’t make up for the full scale of harm that prohibition has caused to its victims,” Drug Policy Alliance Executive Director Maria McFarland Sánchez-Moreno said in an emailed statement. “But this legislation is the closest we’ve come yet to not only ending those harms at the federal level but also beginning to repair them.”
While the marijuana market has suffered pitfalls attached to recent earnings reports, stocks were up across the board on Wednesday.
The Horizons Marijuana Life Sciences Index ETF (TSX:HMMJ) was up over 5 percent as of 1:32 p.m. EST at C$9.31. This fund acts as an index offering a pool of some of the top marijuana stocks in Canada.
More specific US-centric funds also noticed gains on Wednesday after the vote took place. The Horizons US Marijuana Index ETF (NEO:HMUS) was up to C$4.48 as of 1:49 p.m. EST, representing a 7.43 percent spike.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Agreement propels development of safe and effective proprietary products and formulations for the emerging psychedelic industry
Optimi Health Corp. (CSE: OPTI) (“Optimi” or the “Company”), developers of a vertically integrated functional mushroom brand focused on the health and wellness sector, is pleased to announce that effective January 4, 2021, it entered into a lab services agreement with Numinus Wellness Inc. (“Numinus“). Recognized as an early leader in developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies (PAP), Numinus is aiding Optimi’s mission to further the research and development of Canadian-grown psilocybin-producing mushrooms and related product formulations.
Nextleaf Solutions Provides a Corporate Update and Comments on Financial Results from the First Quarter
Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (“Nextleaf”, “OILS”, or the “Company”), the world’s most innovative cannabis processor, is pleased to provide shareholders with the following corporate update:
Nextleaf Comments on Financial Results from Q1 Financials
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”) reported its second quarter results for the period ended December 31, 2020. A complete set of financial statements and Management’s Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars.
The second quarter of FY21, saw continued momentum for the Company despite ongoing pandemic related challenges. Net revenue grew 8% to $745,748 from $689,276 versus the same quarter year ago. The Company also saw significant improvement on its bottom line, reducing its net loss by 50% from ($.956) million to ($.481) million, year over year for the quarter, as a result of improved gross margin and cost management efforts. On December 9, 2020, the company announced the closing of the acquisition of substantially all of the assets of Lexaria Canpharm (“Canpharm“), the cannabis products division of Lexaria Biosciences, resulting in the addition of a new B2B Line of Business.
FinCanna Capital – The Only Publicly Traded, Royalty-Focused Company for the Licensed U.S. Cannabis Industry Provides Corporate Update
Royalty Model Provides Access to Early Stage Licenced U.S. Cannabis Companies and Leverage to High-Margin Revenues
FinCanna Capital Corp. (“FinCanna” or the “Company”) (CSE:CALI), a royalty company for the licensed U.S. cannabis industry, is pleased to provide a corporate update further to its recently announced upsized financing of $2 million
Significant progress made as Numinus-sponsored PRIME study on psilocybin-assisted psychotherapy for opioid, stimulant and/or alcohol use disorders enters pre-implementation stage
Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies (PAP), and Syreon Corporation (Syreon), a global contract research organization with expertise in conducting clinical trials across a broad range of diseases, are pleased to share that significant progress has been made in the single-arm, open-label compassionate access 1 trial of Psilocybin-Research Intervention with Motivational Enhancement (PRIME) for substance use disorders. Currently in the development stage, the PRIME study will assess the efficacy and safety of psilocybin-assisted motivational enhancement therapy.