Cannabis Stocks Are Hot Ahead of a House Panel Hearing on a Federal Legalization Bill

, D-Ore., have sponsored the Cannabis Administration and Opportunity Act , which is among several marijuana bills floating around.CEO David Klein said federal legalization would be transformative for the Canada-based company in the eyes of investors. Canopy bought MSO Acreage for $3.4 billion in 2019, it sells the Martha Stewart's CBD line in the U.S.. and it acquired U.S. cannabis edible brand WanaCanopy shares have gained roughly 13% in the past month.

"For us, it would allow us to bring businesses like Wana and Acreage into our [profit and loss] and run it more like a consolidated enterprise, which would be super exciting for our investors. It would also show we already have a good mature, growing U.S. multistate presence," Klein told CNBC., the spirits and beer giant, owns a 36% stake in Canopy. Stifel analyst Andrew Carter has forecasted that higher margin drinkable cannabis would see accelerated growth in 2022.

"We've always been really bullish on drinks," Klein said."We are seeing that new consumers coming into the category like to enter the category through edibles and drinks. We think that as more people come into the category, the new comers to the category, will over index in edibles and drinks." According to a note Tuesday from Bank of America, Schumer's CAOA bill is expected to be introduced in the Senate by late April.

Industry analysts generally see a murky path forward for all of the cannabis reform bills on Capitol Hill, but but they feel that meaningful steps towards legalization are expected to continue to spark interest in cannabis stocks.

Hot? How they hot

Cool but it won’t pass

You will have to release a lot of people from prisons.

Once pot is legal there will be more people with pot plants in their backyards than tomato plants.

Is this good

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Goldman cuts chip sector EPS estimates, downgrades several semi stocks on 'challenging' economyGoldman Sachs cut the earnings estimates across the chip and chip-equipment sector to start the week, citing a 'more challenging macro backdrop.'
Source: CNBC - 🏆 12. / 72 Read more »

Stocks volatile as oil, gold down, Tesla talks stock splitU.S. stocks were mixed early Tuesday morning after finishing higher to start the week.
Source: FoxBusiness - 🏆 458. / 53 Read more »

This 'potentially poisonous mix' means forget about buying the dip in stocks, says Neuberger CIOThe threat of high inflation, climbing rates and sputtering growth could turn into a “potentially poisonous mix” for stocks, according to Erik Knutzen, chief investment officer of Neuberger Berman’s multiasset class portfolios.
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks jump helped by Tesla and meme leaders AMC, GameStopInvestors eye a busy week for economic data as the month of March winds down.
Source: FoxNews - 🏆 9. / 87 Read more »

Investing Club: Here are two ways to value stocks and they both hinge on interest ratesOne of the ways to be more prepared to navigate future market turmoil is to understand how stocks are valued.
Source: CNBC - 🏆 12. / 72 Read more »

S&P 500 is dropping but clings to 4500, as US stocks opened mixedUS equities are trading mixed after Wall Street’s opened two hours ago. The losers are the S&P 500 and the Dow Jones Industrial Average, each losing b
Source: FXStreetNews - 🏆 14. / 72 Read more »