Details of the Cannabis Administration and Opportunity Act (CAOA) draft bill, were released last Wednesday morning. Then, around the mid-day, the bill's sponsors, Senate Majority Leader Chuck Schumer (D-N.Y.) and Sens. Cory Booker (D-N.J.), and Ron Wyden (D-Ore.) held a press conference.
Unexpectedly, marijuana stocks fell on the big news and Cantor Fitzgerald’s Pablo Zuanic proposed a few possible reasons for this reaction.
The Bill Could Pass
After a more detailed analysis, Zuanic released another analyst note this Wednesday in which he said the Cannabis Administration and Opportunity Act (CAOA) could actually get the 60 Senate votes it needs for approval.
The analyst challenged the widespread belief that the “discussion draft” is 1) too comprehensive, 2) too ambitious, and 3) too radical.
“In fact, we are starting to think the draft may have more support than assumed,” Zuanic wrote. “We have all been very focused on Sen Schumer’s ‘we do not have the votes’ comment, or on Sen …