Marijuana Related Stocks in Limbo, No Congressional Action This Year

Marijuana Related Stocks in Limbo, No Congressional Action This Year

#Marijuana #Cannabis #MOREAct #GOP

$MJ

GOP-controlled Senate not expected to take up the MORE Act, even if measure passes House later this Fall

Top House Democrats are delaying having a vote on a bill that would decriminalize marijuana at the federal level, after previously saying the vote would come next week.

Analysts say the measure will not become law this year even if the House passes it, as it lacks support in the Republican-controlled Senate.

The Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which was advanced in November by the House Judiciary Committee, also aims to expunge prior marijuana convictions and bring about resentencing hearings for people under supervision.

A schedule for next week’s legislative business that Democrat House Majority Leader Steny Hoyer released Thursday did not include the MORE Act.

Mr. Hoyer (D-MD) said in a Tuesday conference call with reporters that the chamber’s priorities are virus aid and a continuing resolution that would fund the federal government and avoid a shutdown.

In a statement Thursday, Mr. Hoyer said the MORE Act “remains a critical component of House Democrats’ plan for addressing systemic racism and advancing criminal justice reform, and we are committed to bringing it to the floor for a vote before the end of the year.”

A House approval for the MORE Act followed by no Senate action would mirror what has happened to the SAFE Banking Act, a measure that aims to protect banks that work with the cannabis industry. That legislation was passed by the House a year ago, but then a Republican Senator who chairs a Key committee said in December that he did not support it.

Marijuana related stocks, as tracked by the the ETFMG Alternative Harvest ETF (NYSEArca:MJ), have lost 34% YTD.

As a recognized expert in the cannabis industry of which marijuana is a component. I agree with the Senate in not approving marijuana as a legal drug, Much more study is needed to offset it negative illusionary effects to one’s body. In my opinion its use should only be in cases of a doctor’s approval. For those individuals suffering from severe pain, marijuana can be helpful in that it can be used to reduce one’s mental and physical stress, However, it is addictive along with being body destructive and often is over-dosed. This is where the problem lies. Plus excess marijuana usage often causes a person to act irrationally and is harmful to oneself along with to others since it can cause the human body’s mind to act irrationally
Unlike its sister product, CBD, also a Hemp product and part of the 93 products in the cannabis family, it is not additive and actually has been proven to be a muscle and mental relaxant. It is not a mind stimuli like marijuana and has proven to have positive medical effects  by such medical authorities as Harvard University  to the human body. Because of this, CBD does not require legislative approval to sell or use. It does not have the negative effects to one’s body and mind as marijuana causes and as such does not require a doctor’s approval to use,” says Bruce WD Barren, who has been active in the cannabis industry for a number of years and is currently the President of a publicly-traded company in the Hemp/ CBD business, one of the few profitable ones in the cannabis industry.

Have a healthy day, Keep the Faith!

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.