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Cannabis ETFs on fire in anticipation of house vote
The MORE Act is scheduled to go before a vote in the House of Representatives next week. This could potentially reverse the trend of losses for Cannabis ETFs.
By Trackinsight
March 25, 2022
- Cannabis
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Long-suffering investors in the nascent Cannabis industry have received some welcome news this week which has sent Cannabis stocks surging, potentially reversing a trend that has seen Cannabis ETFs lose an average of 13% this year.
MORE Act and the impact it has on Cannabis ETFs
The MORE Act (Marijuana Opportunity, Reinvestment and Expungement Act) is scheduled to go before a vote in the House of Representatives next week- only the second time in history that such a bill has reached the house floor. The act would “remove Cannabis from the list of federally controlled substances” removing one of the key barriers to industry growth. Leading the surge was the Global X Cannabis ETF (POTX) - top-performing ETF of the week, jumping by 11.4%, followed by the ETFMG Alternative Harvest ETF (MJ), which rose 9%. However, investors should be aware that even if the proposed legislation passed the house, it would still need to go through the Senate and be approved by President Biden who has previously shown disfavor to the idea of federal level decriminalization of Cannabis.
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