Marijuana News Today: Pro-Pot Groups Meet with Lawmakers, “Legalization Inevitable”

 marijuana news today 24 may
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Marijuana News Today

In the marijuana news today is further support for something I’ve been claiming for some time now: U.S. marijuana legalization is inevitable.

The marijuana news today comes out of Washington, D.C., after another successful rally by pro-marijuana groups.

They met with lawmakers in the nation’s capital where both members of the House and Senate came out in public support of either full U.S. marijuana legalization or, at the very least, a rethinking of the country’s current laws.

You’ll remember that the U.S. exists in a very peculiar legal limbo, where states are permitted to legalize marijuana but do so in direct opposition to federal law. The status quo means that federal agents could at any time enter states and shut down marijuana businesses.

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Of course, such a move would be extremely provocative politically and socially, but it is legally possible. Since the introduction of Jeff Sessions as attorney general, many believed that the well-known drug crusader would attempt to use the powers of the Department of Justice to persecute marijuana across the U.S.

While that hasn’t happened yet—in fact, Congress has gone out of its way to ensure that Sessions would have a difficult time challenging state laws on marijuana via protective legislation—the threat remains.

“Public opinion is changing on this issue,” said Representative Matt Gaetz (R-FL1), chief sponsor of the Medical Cannabis Research Act. The act authorizes research into the medical benefits of marijuana. “Congress is behind. We need to catch up,” he added. (Source: “Legal weed advocates believe victory is near in Washington,” NJ.com, May 24, 2018.)

“It is basically inevitable that federal law will yield to the states,” said Aaron Smith, executive director of the cannabis industry trade group.

“We’re seeing more and more members coming to the table,” Representative Barbara Lee (D-CA13) said. “We’re opening doors to research. We’re saying to the federal government, ‘Stop meddling in state and local cannabis laws.”

Lee is the chief House sponsor of U.S. Senator Cory Booker’s (D-NJ) bill to end the federal prohibition of marijuana.

All this points to a country that has never been as close to legalization as it is now.

Several members of the Senate—many of whom are being mentioned as potential presidential candidates in the upcoming election in 2020—have come out in support of U.S. marijuana legalization.

It’s worth remembering also that Canada began its legalization process in much the same way.

Canadian Prime Minister Justin Trudeau revamped his party’s platform to include marijuana legalization as a focal point. It was a heady move that likely contributed to his win in the federal election. He is now on his way to fulfilling that promise with Canada’s marijuana legalization fast approaching this summer.

If the Democratic Party can pull off a similar maneuver, then U.S. marijuana legalization could be closer than any of us had predicted.

Aurora Cannabis Stock

Aurora Cannabis Inc (OTCMKTS:ACBFF, TSE:ACB) has now jumped approximately 13% in the past five days, marking the company as one of the top performers last week.

Aurora Cannabis stock has been rather volatile and unpredictable in May.

When the acquisition of MedReleaf Corp (OTCKMTS:MEDFF, TSE:LEAF) was first announced, the largest deal in marijuana history did little for ACBFF stock.

In fact, the company actually lost value for a time in the wake of the blockbuster $3.2-billion deal’s reveal.

But that trend has not held, with Aurora Cannabis stock climbing by double-digits in recent days.

The Aurora Cannabis stock forecast is now quite bright.

With the acquisition, the company becomes the largest player in the industry by market cap, overtaking Canopy Growth Corp (OTCMKTS:TWMJF, TSE:WEED), which had for a long time occupied the top spot.

While Aurora’s short-term projections are hard to pin down due to the volatile stock performance we’ve seen as a result of the deal, in the long term, the company is poised to take advantage of Canadian marijuana legalization with its increased production capacity as well as in-roads made in international markets.

Chart courtesy of StockCharts.com

Aphria Stock

Another stock making waves in the marijuana news today is Aphria Inc (OTCMKTS:APHQF, TSE:APH) but for less-than-ideal reasons.

Aphria stock had been one of the stronger performers in May so far, but in the past five days, it has let some of those gains slip.

The company is down a percentage point, which is no reason to panic. But compared to its double-digit run in May, that fall marks a turning of fortune.

Aphria stock had been hit hard by the correction, with investors returning in May due to its much-reduced stock price making it an attractive buy.

While there’s no reason to proclaim the run over just yet, this week’s performance was not up to snuff with its performance this past month.

CRON Stock

While I doubt that Aphria stock’s recovery is totally over, has Cronos Group Inc‘s (NASDAQ:CRON) begun?

The company had been plagued by claims from analysts that it was overvalued.

Following last week’s three-percent gain, is CRON stock back?

It’s hard to say, really.

The company has been one of the most uneven performers in 2018. The up-and-down nature of CRON stock makes it difficult to predict the company’s future.

There have been times I was ready to believe in CRON stock, and times I was ready to abandon ship. Much like Aurora Cannabis stock, it’s been unpredictable recently. Unlike Aurora, however, I’m less bullish on the future of Cronos.

Marijuana bulls are hoping that the company can bounce back following its recent fall several weeks ago, but that remains to be seen.

Analyst Take

The marijuana news today includes strong performances on the marijuana stock market bolstered by a bright outlook in the U.S.

The country has never been closer to marijuana legalization and the opening of the U.S. will mark a huge boon for the marijuana industry.

Additionally, big moves by Aurora Cannabis stock have begun to pay off with strong gains made in the past week.

Overall, times are good in the marijuana stock market.

It appears that the summer will only add on to those gains.