A new development in the legislative battle for legal marijuana has hit the news. The new bill known as the Farm Bill has long-term implications for the whole world of cannabis as for the first time, a bill that sparsely deals with cannabis law has been approved. Congress recently approved a new bill that would allow $867 million to go to the agricultural industry. Much of the bill was supported by President Trump, but those who invest in marijuana stocks should know that it does not exclusively deal with the substance.
The bill deals with hemp which is extremely similar to marijuana, but lacking in the psychoactive effects that give the user a ‘high’. The bill now means that hemp is under supervision by the Department of Agriculture rather than the Controlled Substance Act where marijuana is legislated. In addition, this law shows that there may be a new path for marijuana stocks that deal in hemp, as well as the future of the cannabis industry as a whole.
Next Green Wave (NGW) is a domestic producer of marijuana in the U.S. The company is a completely vertically integrated grower and supplier of marijuana products to the U.S. industry based out of California in a town known as Coalinga. Next Green Wave does not produce hemp at this point in time, but needless to say, their status as a grower of cannabis will undoubtedly be benefited from any legislation that deals loosely with the substance.
Canopy Growth (NYSE:CGC) is notably at the top of the cannabis market. The company made headlines after receiving an almost $4 billion investment from Constellation Brands (NYSE:STZ). CGC along with the rest of the cannabis market has seen better days as recent bouts of news and volatility have all hit the industry hard. After this news struck the market, Canopy Growth saw their stocks rise by around 5% during after-hours trading.
Aurora Cannabis (NYSE:ACB) which is another one of the stronghold marijuana businesses, has seen a lot of this volatility hit their business as well. The company is based out of Canada which gives them less exposure to the U.S. market and news, but regardless the two nations are closely tied when it comes to cannabis production and sales. ACB recently stated that they acquired Farmacias Magistrales, a Mexican raw materials importer. The latter company is currently the only legal business that can import materials that contain THC or the main psychoactive component of the cannabis plant.
ACB has also stated that they have a large number of operations in various countries around the world which soon could deal in hemp if it becomes profitable enough.
Long story short, hemp contains various chemicals that can be extracted to sell on the marijuana market. This new bill has massive implications for the future of cannabis, and will hopefully help to bring a new light to an industry that has seen a large amount of taboo. The next few years will continue to be extremely telling as far as new laws in the marijuana stock market concern.
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