Cannabis is a growth industry regardless of the progress on federal legalization.
The U.S. House of Representatives, on April 1, voted to federally decriminalize marijuana, and ETFMG Alternative Harvest ETF (ticker: MJ), considered a proxy for the industry, didn’t do much at all. Were marijuana investors just high at the time? Unlikely. For one, the fund had gained ground ahead of the vote. And two, investors have seen this movie before.
The chamber also passed a legalization measure in 2020, only to see it fizzle in the then-Republican-controlled Senate, which declined to take it up for a vote. Although Democrats now control the upper chamber, cannabis industry analysts and others don’t think the measure has much chance of becoming law.
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