Why Curaleaf Stock Was a Winner on Wednesday
Investors traded up marijuana stock Curaleaf (OTC: CURLF) cautiously on Wednesday, on a set of news items that were mildly positive for its industry. Curaleaf’s share price ticked up by 0.6% as a result, exactly the mirror image of the S&P 500‘s (SNPINDEX: ^GSPC) 0.6% decline on the day.
Expanding medical weed in Texas
In this country, marijuana legalization is happening on a state-by-state basis, as according to federal law, the drug remains illegal. On Wednesday, one state took a key step in expanding its pot regime.
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In Texas, the state Senate approved a bill passed by the House of Representatives to expand Texas’ existing medical marijuana program. The proposed law would add more dispensaries to the state’s existing network. It would also add to the list of qualifying conditions for access to the drug, in addition to allowing it for palliative or hospice care patients.
With senate approval, the bill now needs to be sent back to the house for a new nod, as it was amended by the former chamber.
Potential liberalization in London
Marijuana reform isn’t only on the minds of American public officials. In the U.K., London Mayor Sadiq Khan unambiguously indicated support for making pot law less onerous. The city’s government had commissioned a report from an independent London Drugs Commission.
The document’s findings, Khan said, make for “a compelling, evidenced-based case for the decriminalization of possession of small quantities of natural cannabis.”
Although marijuana decriminalization/legalization enjoys broad support from many citizens both in this country and abroad, politicians have been hesitant to get behind it. These recent steps, small as they are, indicate the ice might be melting. And that would be a fine development for Curaleaf and the rest of the ever-struggling marijuana industry.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.