Jim Cramer Explains What Needs To Happen For Cannabis Stocks To Bounce Back

Cannabis investors are in the midst of earnings season, which is also a timely opportunity to take a glimpse at the stock performance of some big players within the space.

While Canadian stocks are struggling to gain momentum, optimism over prospects of U.S. cannabis legalization is evident, Investor's Business Daily' Bill Peters writes.

The U.S. House of Representatives approved the Marijuana Opportunity, Reinvestment, and (MORE) Act, H.R. 3617, in April. The which would remove cannabis from the Federal Controlled Substances Act, allowing states to legalize cannabis, its production and sales free from federal interference, is now waiting for the Senate's review.

On the other side, Sen. Charles Schumer (D-N.Y.) recently reaffirmed the postponement of filing a comprehensive marijuana reform proposal from April to sometime before the August recess. 

A group of 24 senators from both sides of the aisle urged congressional leaders earlier this month to enact marijuana banking provisions into law as part of the large-scale manufacturing bill, the America COMPETES Act. And about a quarter of the House voting members have lined up behind an idea that the bipartisan Secure and Fair Enforcement (SAFE) Banking Act would "help cannabis-related businesses, support innovation, create jobs, and strengthen public …

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