A Major Step In Federal Cannabis Legalization Said To Come This Week

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Citing multiple sources, Marijuana Moment reports that a federal cannabis legalization bill will likely make another appearance in the House of Representatives this week. The blog said that House Judiciary Committee Chairman Jerrold Nadler of New York is preparing to refile his cannabis legalization bill this week.

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Meanwhile, senators are putting the finishing touches on their own bill. The refiled House version of the bill will have changes from the version that passed last year.

Updates on federal cannabis legalization efforts

Senate Majority Leader Chuck Schumer tweeted that in more and more states as ballots in favor of legalizing marijuana come up, "Americans are sending a clear message—they want an end to marijuana prohibition." He also said he was working with Sen. Ron Wyden of Oregon and Sen Cory Booker of New Jersey on "comprehensive marijuana reform legislation in the Senate."

In his own tweet, Wyden noted that it had been over two years since Congress legalized hemp products, adding that "it's past time for the FDA to get with the program and enter into the 21st century for the sake of consumers and farmers."

State efforts to legalize marijuana

Gubernatorial candidates in several states are pushing their views on legalizing cannabis. During a debate with other Democratic gubernatorial candidates, Virginia's lieutenant governor touted his tie-breaking vote on a cannabis legalization bill. Additionally, New York Republican candidate Andrew Giuliani said the courts had decided the issue of cannabis legalization.

Nebraska gubernatorial candidate Jim Pillen said they should handle medical marijuana in a "controlled prescription fashion." Lawmakers in Vermont sent Gov. Phil Scott a bill that should improve equity in the legal cannabis industry, while the New Jersey Assembly approved legislation to loosen restrictions on ownership of medical marijuana businesses.

A Republican senator in Pennsylvania is working on a cannabis legalization bill, and the Massachusetts legislature's Joint Committee on Cannabis Policy will consider a number of hemp bills tomorrow.

Cannabis stocks fall despite federal cannabis legalization bill

Despite the news about federal cannabis legalization, cannabis stocks declined alongside other growth stocks in morning trading on Monday. Aurora Cannabis Inc (NYSE:ACB) fell more than 5%, while Tilray Inc (NASDAQ:TLRY) slipped by about 3%. Canopy Growth Corp (NASDAQ:CGC) fell by about 2%, and Cronos Group Inc (NASDAQ:CRON) was down by more than 1%. Hexo Corp (NYSE:HEXO) was off by about 2%.