June 25, 2022

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Are Canadian Pot Stocks Good Buys As Houses Passes MORE Act?| Investor’s Business Daily

2 min read

Canadian marijuana stocks were quiet on Friday after the House passed the MORE Act, a federal cannabis decriminalization bill. So are any Canadian marijuana stocks buys now?




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The sector briefly rallied last week on a report from Marijuana Moment that the House would vote on the bill, which stands for Marijuana Opportunity, Reinvestment and Expungement Act. While that rally has eased, it has left some pot stocks tracking at around their 50-day lines.

The bill would remove cannabis from the list of controlled substances, expunge some cannabis offenses and fund reinvestment in communities disproportionately hit by the War on Drugs. The bill cleared the House in 2020. But it went nowhere in Senate, then controlled by Republicans, and its path in the Senate this time around remains uncertain. Marijuana stocks faded last year after hopes soured for broader cannabis reform in the U.S.

Chuck Schumer, a New York Democrat and the Senate Majority Leader, said he plans to formally introduce a separate decriminalization bill in April, Marijuana Moment also reported. Rep. Nancy Mace, R-S.C., has also unveiled a bill to deschedule cannabis.

Were cannabis to be fully legalized, entry into the U.S. would allow Canadian pot producers to play in a far bigger market, assuming laws permitted. That market could give them more opportunities for sales after suffering losses amid intense competition and executive missteps at home.

Even so, they would be competing against the U.S.’ larger, established rivals, some of which have begun to turn a profit. And setting up production infrastructure would require more spending.

Canadian Marijuana Stocks Market Share

Market share continues to shrink for big Canadian marijuana stocks like Hexo (HEXO), Canopy Growth (CGC) and Tilray (TLRY).

Based on Stifel estimates for retail market share across four large provinces, Hexo had the most, at 9.9%, from December through February. Tilray was in fourth, with 6.7%. Canopy was in fifth, with 6%….



2022-04-01 14:59:43

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