The U.S. House of Representatives is likely to pass the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) by a slim margin when it comes up for a vote as early as Friday but the measure will not likely pass the Senate, Beacon Policy Advisors LLC analyst Andrew Lokay said in a note on Monday. Lokay said the MORE Act would require 60 votes in the Senate, and it’s likely to fall short. Lokay said it’s possible the SAFE Banking Act to give cannabis companies more access to financial services could pass this year. “Once it has become clear that it doesn’t have enough support to move forward….at that point, [Senate Majority Leader] Schumer could allow SAFE Banking to be attached as an amendment to must-pass legislation,” Lokay said. Shares of cannabis companies mostly moved lower on Monday. The AdvisorShares Pure US Cannabis ETF fell 2.8%, compared to a rise of 0.4% by the Nasdaq.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0