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Senate Majority Leader Chuck Schumer (N.Y.) said he is planning to introduce legislation that would legalize cannabis on the federal level in April.
“We need to bring the spirit of New York’s groundbreaking legalization and address the wrongs of the War on Drugs,” Schumer wrote in a Twitter post.
On Friday, Schumer held a press conference where he was joined by members of New York’s Democratic congressional delegation, including Rep. Jerrold Nadler, chairman of the House Judiciary Committee, and Rep. Nydia Velazquez.
Nadler has his own legalization bill that passed in his committee last year.
“In the coming weeks, we’re ramping up our outreach — and we expect to introduce final legislation. Our goal is to do it in April,” Schumer said, according to Marijuana Moment. “Then we begin the nationwide push, spearheaded by New York, to get the federal law done. As majority leader, I can set priorities. This is a priority for me.”
Since last year, Schumer has been trying to get the Cannabis Administration and Opportunity Act advanced without much luck. He admitted in July 2021 he didn’t have votes in the Senate to get it passed.
Seeking Alpha contributor Jon DeCourcey of Viridian Capital Advisors recently wrote that he doesn’t think Schumer’s new bill will have enough support when it is introduced in a few months.
However, “even without near-term legislation, [we] remain positive on cannabis stocks on company fundamentals and favor small and medium sized operators,” he wrote.
Cannabis multi-state operators (MSOs): Trulieve (OTCQX:TCNNF +0.2%), Cresco Labs (OTCQX:CRLBF +1.7%), Green Thumb Industries (OTCQX:GTBIF +0.6%), Curaleaf (OTCPK:CURLF -1.0%), Columbia Care (OTCQX:CCHWF -1.1%), Verano Holdings (OTCQX:VRNOF +1.1%), Acreage Holdings (OTCQX:ACRHF +0.7%), MedMen Enterprises (OTCQB:MMNFF +4.7%), and Jushi Holdings (OTCQX:JUSHF +3.2%). Also, AdvisorShares Pure US Cannabis ETF (MSOS +1.2%).
MSOs have had a terrible start to 2022.
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