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Cannabis stocks rallied for a second day Wednesday, buoyed by a historic congressional committee passage of a bill that aims to lift the federal ban on weed, as well as strong gains for Curaleaf after it posted a narrower-than-expected third-quarter loss.
Curaleaf’s U.S.-listed shares CURLF, +15.23% CURA, +15.07% were last up 15%, as investors shrugged off its revenue miss.
The Marijuana Opportunity Reinvestment and Expungement (MORE) Act of 2019 could open massive business opportunities for legal cannabis firms around the country, similar to the federal legalization of hemp, if it passes. But that’s a big “if.”
Experts point out major reform before 2021 has long odds because of resistance in the Republican-controlled Senate.
But here’s the new normal: