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Canopy Growth Stock May See Some Upward Momentum As MORE Heads For A Vote

Canadian weed company Canopy Growth Corp. (CGC) may build some upward momentum, riding a bill that would legalize marijuana and remove it from the list of federally controlled substances. The Marijuana Opportunity Reinvestment and Expungement Act of 2019, or MORE Act passed by the House Judiciary Committee on Wednesday now moves for a vote in the full House.

In 33 states, Medical marijuana is legal. The MORE legislation would also allow states to set their own marijuana policies. States would also be incentivized to expunge criminal records of low-level cannabis offenders. A tax on marijuana products would go towards a trust fund to help people impacted by the "war on drugs," including job training and treatment for substance abuse.

The MORE bill, if approved, would also allow Small Business Administration to support businesses, seeking a foothold in the emerging cannabis sector.

CGC stock closed Wednesday's trade at $17.64, on unusual trade volume of 23.5 million. The stock is 66% off its 52-week high of $52.74.

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