Cannabis stocks were mixed on Thursday, a day after a landmark congressional hearing on reforming U.S. laws that found bipartisan agreement that the current setup is a mess and needs to change.
CannTrust shares took another bath after a report said the company built fake walls to hide from regulators that it was growing unlicensed product.
“Marijuana decriminalization may be one of the very few issues upon which bipartisan agreement can still be reached in this session,” said Republican Rep. Tom McClintock of California at a hearing held by the House Judiciary Committee’s subcommittee on crime and terrorism.
The current clash between federal restrictions and state laws “is no longer sustainable” McClintock said, drawing praise from Rep. Jerrold Nadler, the New York Democrat who chairs the House Judiciary Committee, with the caveat that he disagreed with McClintock’s assertion that the Democrats were playing the race card, as MarketWatch’s Victor Reklaitis reported.