Majority Leader Chuck Schumer worked with Senators Cory Booker of New Jersey and Ron Wyden of Oregon on the measure. The senators circulated a draft of the bill last year and made tweaks after feedback from Senate committees.
Pot stocks surged on the news. Canadian cannabis producer Tilray Brands Inc. soared as much as 20 per cent in its biggest jump in four months. Investors surged into other Canadian licensed producers that have been expanding into the US market, including Canopy Growth which surged as much as 11 per cent. US multi-state operators also rallied, with Green Thumb Industries climbing to its highest point in one month.
The legislation faces an uphill battle in the chamber where 60 votes are required to pass most bills. Many Republicans and some Democrats, including Senators Jeanne Shaheen and Jon Tester, have opposed decriminalizing marijuana. It also requires that federal non-violent cannabis related convictions and arrests be expunged within one year of enactment.
Good luck. Republicans think it's the gateway drug to mass shootings