Weed Flies High

Cannabis stocks rally massively on senate majority leader Schumer’s push for major legislation

Kristoffer Inton 2 February, 2021 | 5:21PM
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Weed in Sun

On Feb. 1, Senate Majority Leader Chuck Schumer and fellow Democratic Sens. Cory Booker and Ron Wyden announced their intentions to push major federal cannabis legislation. They plan to release a discussion draft in the early part of this year. We still think legalization is likely going to take a couple of years, as we forecast a change to federal law by 2023. Nevertheless, legalization sooner than that would unlock growth and capital access sooner but doesn’t change our estimated market potential of US$ 85 billion by 2030 compared with an estimated US$15 billion in 2020, according to the Marijuana Business Daily.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Aurora Cannabis Inc8.84 CAD-3.39Rating
Canopy Growth Corp24.30 CAD-1.46Rating
Curaleaf Holdings Inc12.20 USD0.20Rating
Green Thumb Industries Inc36.52 CAD-1.14Rating
Tilray Inc15.42 USD-3.69Rating

About Author

Kristoffer Inton

Kristoffer Inton  Kristoffer Inton is an equity analyst for Morningstar, covering gold, coal and cement companies. Before joining Morningstar in 2013, he was an investment banking associate for Guggenheim Securities in New York. He holds a bachelor’s degree in finance with high honours from the University of Illinois.

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