German health minister releases adult use cannabis proposal

German health minister Karl Lauterbach has released the government's closely-watched proposal to legalize adult use cannabis. Lauterbach said the proposal must be confirmed that it complies with European Union and other international laws, according to reports of a press conference. The plan to decriminalize possession of up to 30 grams of cannabis by adults in public or private places and cultivate up to three plants has been OK'd by the cabinet of Chancellor Olaf Scholz. The government would no longer classify THC as a narcotic. The Global X Cannabis ETF rose 2.8% on Wednesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.