Cannabis stocks rally after Chuck Schumer leads drive for reforms that may end federal prohibition

Cannabis stocks were mostly higher Tuesday after three Democratic senators led by Majority Leader Chuck Schumer said they would make reform legislation a key priority in the current Congress, bolstering hopes for an end to federal prohibition. “The War on Drugs has been a war on people—particularly people of color. Ending the federal marijuana prohibition is necessary to right the wrongs of this failed war and end decades of harm inflicted on communities of color across the country. “We believe cannabis legalization has reached a tipping point and with the Dems in power it will get legalized within 2 years,” said Nick Kovacevich, chief executive of KushCo Holdings, a maker of containers, packaging and other products for the cannabis industry. , one of the most widely held cannabis stocks thanks to its popularity with Robinhood traders, was up 10%.