Marijuana stocks soar amid leaked legalization bill

Cannabis stocks are soaring amid news of a Republican-led bill seeking to legalize and tax the substance at a federal level.

On Friday, online magazine Marijuana Moment broke the news that Rep. Nancy Mace (R-SC) is leading a bill to deschedule and tax marijuana.

Currently in draft format, the bill known as the States Reform Act proposes officially making marijuana a regulated substance akin to alcohol and slapping it with a 3.75% excise tax.

While the bill is currently being circulated among stakeholders and not expected to be filed until the end of the month, the cannabis industry reacted swiftly.

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