Most Read by Bloomberg Majority Leader Chuck Schumer teamed up with Sens. Cory Booker of New Jersey and Ron Wyden of Oregon on the measure. Senators released a draft of the bill last year and made changes after feedback from Senate committees. The Cannabis Stewardship and Opportunity Act would remove marijuana from the list of drugs covered by the Controlled Substances Act. However, states can still maintain and create bans on the production and distribution of marijuana. Pot shares rose on the news. Canadian cannabis producer Tilray Brands Inc. jumped as much as 20% in its biggest jump in four months. Investors rallied on other licensed Canadian producers expanding into the US market, including Canopy Growth which rose as much as 11%. US multi-state companies also rallied, with Green Thumb Industries climbing to its highest point in a month. The industry has been battered this year as the glacial pace of US legalization has weighed on formerly high share prices. The ETFMG Alternative Harvest ETF, also known as MJ, has plunged 48% this year as investors’ hopes fade. The legislation faces an uphill battle in the chamber, where 60 votes are needed to pass most bills. Many Republicans and some Democrats, including Senators Jeanne Shaheen and Jon Tester, have opposed the decriminalization of marijuana. The bill would create grant programs to help communities and people most affected by drug crimes and establish funding programs to provide loans to small cannabis businesses owned by disadvantaged people. The story continues It also requires that federal non-violent cannabis-related convictions and arrests be expunged within one year of enactment. The House voted in April to decriminalize marijuana, eliminate federal convictions for pot-related charges and impose taxes on cannabis producers and importers. The legislation passed 220-204 with the support of most House Democrats and three Republicans. Two Democrats voted against the bill. Most Read by Bloomberg Businessweek ©2022 Bloomberg LP
