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2024-07-22 16:51:00 +0300

Cannabis Watch: Analysts see no lift for downbeat cannabis stocks from Chuck Schumers bill

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MarketWatch
By Steve Gelsi

An ambitious and long-awaited cannabis bill from Senate Majority Leader Chuck Schumer is unlikely to pass and will not likely stoke interest in U.S. cannabis stocks, analysts say.

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While the formal introduction of the Cannabis Administration and Opportunity Act (CAOA) this week has drawn some praise, it landed with a thud on Wall Street.

The AdvisorShares Pure US Cannabis ETF MSOS, -0.51% fell about 2% on Thursday, the day Schumer unveiled the bill. Its down 53.2% in 2022, compared to a drop of about 24% by the Nasdaq. The index was up 0.5% in early trades on Friday.

We continue to outline a negative bias to public cannabis equities, Stifel analyst W. Andrew Carter said Friday in a research note.

He reiterated a buy rating on WM Technology MAPS, -5.00% and hold ratings on GrowGeneration Corp. GRWG, -4.21%, Hydrofarm Holdings HYFM, -4.23% and Scotts Miracle-Gro SMG, -1.24% as beneficiaries of the current environment.

We believe this legislation has no prospects of success with modest reforms still possible during this Congress, but extremely unlikely, Carter said. We

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