Following the signing of a landmark bill by US President Joe Biden, cannabis stocks received a boost on Friday as the bill expands marijuana research.
The bipartisan Medical Marijuana and Cannabinoid Research Expansion Act has made it easier for scientists to study this plant by streamlining the application process for approving cannabis-related scientific research and allowing researchers to grow or import marijuana for medical research purposes.
This directs the Department of Health and Human Services (DHHS) to investigate policies prohibiting research on marijuana and provide recommendations on how to eliminate these barriers. It also directs DHHS to research the therapeutic potential of marijuana.
This occurred after President Biden requested a review of the status of marijuana as a Schedule I substance under the Controlled Substances Act in October. It has been reported that the Secure and Fair Enforcement (SAFE) Banking Act will protect banks and other financial institutions from being penalized for providing services to legally-operating cannabis-related businesses, and may be passed by the end of the year.
On Monday morning, US cannabis stocks experienced a surge in response to news updates. Australis Capital Inc (CSE:AUSA, OTCQB:AUSAF) saw a rise of 15%, Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) increased by 5.6%, Jushi Holdings Inc (CSE:JUSH, OTCQX:JUSHF) rose by 6.8%, Delta 9 Cannabis Inc (TSX:DN) went up by 4.2%, and FSD Pharma Inc (CSE:HUGE, NASDAQ:HUGE) saw a 2.8% rise.
The stocks of Valens Company (TSX:VLNS, OTCQX:VLNCF) Inc rose by 2%, Avikana Inc (TSX:AVCN, OTCQX:AVCNF) by 2.7%, Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) by 4%, and Nextleaf Solutions Ltd (CSE:OILS, OTCQB:OILFF) by 0.8%.
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