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Shares of several cannabis stocks, including Akerna Corp (NASDAQ:KERN) and Clever Leaves Holdings Inc (NASDAQ:CLVR), are trading sharply higher Thursday afternoon. Shares of cannabis companies at large are trading higher following reports Senate Democrats are planning to introduce a marijuana decriminalization bill next week.
What Happened?
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Per a Thursday morning Bloomberg report, Senate Democrats plan to introduce a bill to decriminalize marijuana at the federal level next week, a person familiar with the matter said.
Bloomberg says the legislation still faces long odds in the evenly divided chamber.
Why it Matters
Shares of several cannabis stocks last saw marked strength in March and were trading higher following reports indicating The House Rules Committee had meeting to prep federal marijuana legalization bill for floor action.
The sector has otherwise been trading lower in sympathy with the broader market in 2022. Investors continue to weigh the economic impact of Federal Reserve policy tightening as well as the impact of higher rates on growth stock valuations.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.