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.
While the formal introduction of the Cannabis Administration and Opportunity Act this week has drawn some praise, it landed with a thud on Wall Street.
He reiterated a buy rating on WM Technology MAPS, -5.83% and hold ratings on GrowGeneration Corp. GRWG, -5.74%, Hydrofarm Holdings HYFM, -4.87% and Scotts Miracle-Gro SMG, -3.43% as beneficiaries of the current environment. Jefferies analyst Owen Bennett said the CAOA reflects growing momentum behind cannabis reform and its introduction now should give Congress more time to switch to a more “passable” measure by the end of the year.
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