Basically what we have happening is MORE act going through the house, like it has done before but prob not going to get past senate.
What I do think is interesting though, and probably going to be more of an impact for cannabis companies, is the SAFE banking act, which is more likely to get through within the 6-12 months. I think this is going to be more of an impact as its affecting the capital of companies, access to capital (ie loans) and also banking system (which is not currently possible in USA due to it being cannabis not being federally legal.) SAFE act is going to be the next huge up move I believe.
Whilst the current hype is good to get some money and spotlight on the sector, the MORE Act most likely going to get stopped in Senate again, whereas SAFE act which imo is more relevant to the companies in the space, will actually be able to go through as is widely supported, still though being used politically in the senate.
Should be a nice week with for cannabis stocks overall, with the meeting tuesday, wednesday for Australia, in all likelihood will get voted through the house, but then maybe we drift off in coming weeks as reality sets in again might not get through Senate.
Whilst all this doesnt seem specific to Australian cannabis stocks, all of the biggest moves for australian cannabis stocks have come from overseas news, so its definitely something that will move our market.
The real change though is any progress with SAFE act which is looking a lot more possible, and with that passing, you would expect as to be atleast back to 2021 highs, which is a 300% move for cannabis ETFs from here.
HGV Price at posting:
6.1¢ Sentiment: Buy Disclosure: Held
