The U.S. House of Representatives on Friday passed the Marijuana Opportunity, Reinvestment and Expungement Act (MORE Act) by a vote of 220 to 204 mostly along partly lines. It’s the second time the legislative body has approved the measure to legalize cannabis on the federal level after a vote in 2020. The measure is expected to meet the same fate as it did two years ago, namely it will not be taken up by the Senate. In both cases, the measure was sponsored by Jerrold Nadler, D., N.Y., who is chairman of the House Judiciary Committee. In the latest ballot, three Republicans voted in favor of it and 217 Democrats, with 202 Republicans opposed to it, along with two Democrats. In terms of major moves from the Senate, Sen. Chuck Schumer, D, N.Y., later this month is expected to formally introduce the Cannabis Administration And Opportunity Act to remove cannabis from the federal list of controlled substances. The AdvisorShares Pure US Cannabis ETF rose 0.5% in recent trades.
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