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Cannabis operators are continuing a bull run on Monday led by the U.S. Multi-State Operators after President Joe Biden signed a marijuana research bill into law late last week, overhauling how American scientists do research on marijuana.
Notable gainers include: MedMen Enterprises (OTCQB:MMNFF), Columbia Care (OTCQX:CCHWF), Cresco Labs (OTCQX:CRLBF), Curaleaf Holdings (OTCPK:CURLF), and cannabis ETF AdvisorShares Pure U.S. Cannabis (MSOS)
Canadian Licensed Producers Tilray Brands (TLRY) and Canopy Growth Corporation (CGC) have also joined the rally.
Cannabis stocks surged Friday after Biden signed the Medical Marijuana and Cannabidiol Research Expansion Act, which, according to the industry publication Marijuana Moment, is the first standalone cannabis reform legislation in U.S. history.
The law “establishes a new registration process for conducting research on marijuana and for manufacturing marijuana products for research purposes and drug development,” The White House said, announcing the enactment.
The bipartisan bill, which cleared the House in July, was unanimously approved by the Senate in November.
The legislation also encourages the FDA to develop cannabis-derived medicines and urges the Department of Health and Human Services (HHS) to explore the health benefits of marijuana or cannabidiol (or CBD) as a drug.
In the CBD space, Mind Medicine (OTCQB:MMNFF) is on the rise, while COMPASS Pathways (CMPS) has dropped ~2% after a ~10% gain on Friday.
Before the marijuana research bill became law, Wedbush Securities wrote, “brighter days lie ahead for the U.S. cannabis industry.”
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