On April 1, 2022, the United States House of Representatives passed the MORE Act. This bill aims to end the federal prohibition on cannabis by way of removal from the list of banned controlled substances. The passage was no April Fool’s joke, as the U.S. looks to enter the fray and become an even bigger player in the global cannabis market. Many top Canadian cannabis stocks gained momentum in anticipation in late March. There are a handful of cannabis stocks that are better positioned than others in this environment.
Canopy Growth (TSX:WEED)(NYSE:CGC) is still one of the heavyweight cannabis producers in Canada. Shares of this cannabis stock were up 5.1% in mid-afternoon trading on April 4. The stock has jumped 21% in the month-over-month period.
Investors can expect to see Canopy’s final batch of fiscal 2022 results in early June. The company’s big acquisition of Acreage in 2019 puts it in a great position to take advantage of U.S. legalization. However, there are still some hurdles to clear. Canadian companies can also expect intense competition going forward.
Tilray (TSX:TLRY)(NASDAQ:TLRY) is another top cannabis stock to consider after the big vote. Shares of Tilray have climbed 38% in the month-over-month period. The company is set to unveil its third quarter fiscal 2022 results on April 6. The passage of the MORE Act will free up this cannabis giant in the months ahead.
