Tilray shares up 2.4% in higher-than-average volume amid hopes for MORE Act, although analysts are skeptical it will pass

Shares of Canadian cannabis company Tilray Inc. were up 2.4% Wednesday in higher-than-average volume, on speculation surrounding an expected House vote this week on a bill that could decriminalize cannabis. The bill, called the Marijuana Opportunity Reinvestment and Expungement Act, or MORE Act, would remove cannabis from the Schedule I classification that has long kept on an equal footing with heroin, even as many states have moved to legalize it for medical or recreational use. The speculation remains buzzy, even though the bill is expected to die in the Senate as it has in the past. Beacon Policy Advisors LLC analyst Andrew Lokay said Monday the MORE Act, which would require 60 favorable votes in the Senate, is unlikely to get them. "Once it has become clear that it doesn't have enough support to move forward....at that point, [Senate Majority Leader] Schumer could allow SAFE Banking to be attached as an amendment to must-pass legislation," Lokay said. Some 67 million Tilray shares had changed hands as of early afternoon, more than 2.2 times the 65-day average volume. The AdvisorShares Pure US Cannabis ETF was up 0.3%, but has fallen 18.6% in the year to date, while the S&P 500 has fallen 3%.

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