Stockwatch ArticleCAOA - doomed for failure is on the rumour mill and some Canadian LPs got in the sector rise. Hexo simply rode on Tilray's coat tails.
I think cannabis stocks in general have hit so low that even this 'no news' story gets people jumping in, afraid of not catching the wave.
Sell off tomorrow, Hexo back to where the pos belongs.
Little giggly girls - Hexo's share price was .295 on June 27, just 3 weeks ago and will drop again because it is a pos bankrupt company, run nto the ground by incompetent management.
My FAF rose .29 cents and my VFF rose .34 cents - 'act like you been there before', you 'loosers' - U.S. vertically integrated MSOs and RETAIL, baby is the place to be - not Gatineau, Queerbec
South of the border, a U.S. Senate subcommittee has scheduled a hearing for next week on federal cannabis reform. The timing comes amid rumours that Senate Majority Leader Chuck Schumer and senators Cory Booker and Ron Wyden will soon file their comprehensive Cannabis Administration and Opportunity Act (CAOA). As Mr. Booker is the chairman of the above subcommittee, reform advocates are taking the hearing as a sign that the CAOA is only days away.
As first reported on the Marijuana Moment website, the Senate Judiciary Subcommittee on Criminal Justice and Counterterrorism, chaired by Mr. Booker, has scheduled a hearing for Tuesday, July 26, on "Decriminalizing Cannabis at the Federal Level: Necessary Steps to Address Past Harms." The subcommittee's website does not provide an agenda or any other details. Naturally, this sent rumour mills whirling into action. The general speculation is that the hearing will serve as a temperature check on the CAOA, which Mr. Booker and his fellow sponsors will have filed beforehand.
The hearing may be heartening for optimists, but pessimists say there is no need for a temperature check on a bill that will be dead on arrival. The CAOA, which appeared in draft form a little over a year ago, has faced staunch resistance (particularly from Republicans) to some of its broader-reaching goals, such as imposing a hefty federal cannabis tax and using the revenue to help pay for social reform programs. The subcommittee's specific reference to "Necessary Steps to Address Past Harms" is only stoking the belief that the CAOA lacks sufficient bipartisan support.
None of Mr. Booker, Mr. Schumer or Mr. Wyden has commented on any of the rumours or confirmed that they will file the CAOA in the coming days. They previously vowed to file the bill in April, only to backtrack and say they hoped to get it in before the August recess instead. That would, assuming no further delays, give them until Aug. 8.
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As delighted as Tilray appeared with its new website, the launch is unlikely to explain today's sizable jump in its share price. This most likely reflects the above-noted political developments south of the border. Tilray and several other Canadian companies have made no secret of their wish to expand into the U.S. market once federally permissible. Accordingly, when U.S. reform talks appear to take an inch, Canadian cannabis stocks savour their mile. Other big Canadian gainers today (on no accompanying news) include Canopy Growth Corp. (WEED), up 58 cents to $3.93, Fire & Flower Holdings Corp. (FAF), up 29 cents to $2.35, and Cronos Group Inc. (CRON), up 42 cents to $4.29.