Hashish Shares Rise After Kamala Harris Says Biden Would Decriminalize Marijuana

Cannabis stocks got a big boost following Tuesday night’s Vice President debate between Senator Kamala Harris and Vice President Mike Pence. The Hill reported that Harris said the Biden government would decriminalize marijuana at the federal level.

The stocks of cannabis producers went public on Thursday. Speaking about cannabis in the debate, Senator Harris said, “We will decriminalize marijuana and erase the records of those convicted of marijuana.”

A long-standing advocate of marijuana legalization, Harris partnered with Rep to introduce the Marijuana Opportunity Reinvestment and Expungement Act. Jerrold Nadler (DN.Y.) last year. Legislation would downgrade marijuana as a state-controlled substance, including approving a 5% sales tax on marijuana and marijuana products.

“Times have changed – marijuana shouldn’t be a crime,” Harris said when the bill was introduced. “We need to start regulating marijuana and removing marijuana beliefs from the records of millions of Americans so they can get on with their lives. As marijuana becomes legal across the country, we need to ensure that everyone – especially color communities disproportionately affected by the war on drugs – has a real chance to participate in this growing industry. “

Various stocks on NASDAQ related to the marijuana industry soared on Thursday, according to Reuters, including cannabis stock tracker MJ ETF MJ.P, which rose 5.5%, and Tilray Inc TLRY.O, which increased by 19.2%. Additionally, US listed stocks of Canopy Growth Corp WEED.TO, Aphria Inc APHA.TO and Aurora Cannabis Inc ACB.TO closed between 10% and 13% higher than normal.

A vote on the decriminalization of the substance by the federal government should take place in the House of Representatives in September, but this was delayed until after the upcoming elections. Moderate Democrats had opposed the vote, saying that more pressing issues like a COVID-19 stimulus package and a government funding bill were more important.

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