By Brandon A. Dorfman, PotNetwork
NOV 30, 2018 -The North American Marijuana Index dipped back downwards on Thursday as volatility in the cannabis stock market prevailed despite Congressional leaders coming together to hammer out the final details of a federal farm bill that includes hemp legalization. Senate Agriculture Chairman Pat Roberts told Politico that he hopes to bring the bill to a floor vote within the next four or five days once the Congressional Budget Office scores it.
“We’ve been piecemealing things that we have agreed on,” Roberts told POLITICO on Thursday. “Now we have an agreement, so we’re going through the scoring and language. It just takes time. … We’re going to try to do this in four or five days if we can do it. They’re working 24/7.”
A major victory for Senate Majority Leader Mitch McConnell, the bill is expected to have far-reaching ramifications to the hemp and CBD industry across the country. Although the 2014 version of the bill opened the door for the CBD industry in its current form, this new bill will cast away any lingering doubts about the compounds legality.
“If there’s a Farm Bill, [the hemp provision] will be in there,” McConnell told reporters earlier this month. “I guarantee you that.”
Still, not everyone can prosper from the new hemp economy. The bill contains a catch-22 that many see as a continuation of the racial injustices brought on by the war on drugs. Anyone with a drug-related felony is banned from participating in the hemp industry for life.
“It’s a broad prohibition,” said Daniel Shortt, a Seattle-based attorney in an interview with Quartz. “Any felony related to a controlled substance will disqualify a ton of people from participating in this industry.”
The sad irony is that many of these people were convicted of selling marijuana in the first place.
The Index fell 3.30 points, or 1.29 percent on Thursday to close out the day at 252.68, with the United States Marijuana Index breaking even at 109.69 and the Canadian Index falling 16.49 points, or 2.98 percent to end the day at 537.72.
[Cannabis stock report: Marijuana stocks bounce back following a pep talk from Fed Chairman Jerome Powell]
The Horizon’s Marijuana Life Sciences Index ETF (HMMJ.TO) fell CA$0.31 ($0.23) per share, or 1.74 percent, finishing Thursday at CA$17.46 ($13.13), while the ETFMG Alternative Harvest ETF (MJ) dropped $0.48 per share, a decline of 1.61 percent, ending the day at $29.29