Cannabis legalization and de-scheduling from a drug equivalent to opioids and heroin is not a fait accompli. IMO, The Street is weighing that possibility. Cannabis valuations are off a lot in the past 6 months following the exuberance of the Dems November wins.
With Republican recalcitrance pertaining to dealing with anything the Democrats want to accomplish, and dems like Joe Manchin of West Virginia (from a med legal state), stating he isn't in favor of rec legalization, I'm losing confidence in Chuck assembling 60 "Yes" votes for his "Cannabis Administration and Opportunity Act".
IMO the bill as a whole is a "moon-shot". Sponsors of the bill, Senate Majority Leader Chuck Schumer (D-NY), Sen. Cory Booker (D-NJ) and Senate Finance Committee Chairman Ron Wyden (D-OR), included everything they could possibly want. Republicans simply cannot vote "yes" on the entire bill.
My vote is to start the horse trading in earnest. At a minimum, get the SAFE Banking Act and Moore Act passed. That covers banking legalization, listing on US exchanges, opportunities for institutional investments, and expungement of MJ related criminal records for non-violent offenders.
The latter is huge. Passage will empty prisons, especially in CA where people convicted 3x of smoking and possession of modest amounts of flower are in jail for life because of CA's 3-strikes-and-you're-out" law.
The former allows for Tilray to proceed with its USA acquisitions. Let's hope their shareholders approve expanding the O/S.
So the investment gamble still rests on whether or not you believe the dems are going to get enough of their bill across the finish line. If the dems get to spike the ball, cannabis valuations will soar. If not, they will sink dramatically. - FUNMAN