Senate Majority Leader Chuck Schumer told the crowd at the NYC Cannabis Parade & Rally on May 7 that he has Republican support for his Cannabis Adminstration & Opportunity Act.
"I've invited every U.S. senator – every Democrat, every Republican - to come meet with us and tell us why they won't support the bill or whether they will, and I'm making good progress," Schumer touted. "I've already met with six Republicans, so we can get 10 [and] we can get the 60 votes we need on the floor of the Senate to pass legislation that is so important."
After a solid market on May 6, the bottom dropped out for several key pot stocks on May 9. "Shares of Sundial Growers, Green Thumb Industries and Curaleaf fell hard today, down 8%, 8.6% and 7.6%, respectively, at the end of trading," The Motley Fool reported.
Why the dive? "Because Senator Chuck Schumer attended a cannabis rally in New York on Friday, in which he hinted that bipartisan legalization bill is still a possibility."
While many hope the SAFE Banking Act, previously passed by the House, will be attached to a Senate bill, Schumer has dismissed that idea in favor of comprehensive legislation that addresses social equity and criminal justice.
Here's The Motley Fool's hot tip of the day:
"Stay away from Sundial. It's really hard to own an unprofitable pot stock like Curaleaf in this environment. Green Thumb might be interesting, as it could rally hard should the macroeconomic picture change or Schumer's bill actually get passed. However, that would take time. With investors fleeing to safe havens for the immediate future, there these names are anything but."