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Creso Pharma (ASX:CPH) shares up 30pc amid speculation on U.S. cannabis bill
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  • Creso Pharma's (CPH) shares are up 30 per cent as the U.S. House of Representatives passes a bill to decriminalise cannabis at a national level
  • The House passed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act to remove cannabis as an illegal substance from the US Controlled Substances Act
  • The bill made it through the lower chamber 228 to 164 on December 4 but will need to pass in the senate to become federal law
  • While the bill is not guaranteed to pass in the senate, it marks a significant milestone for the cannabis industry
  • Creso's shares are up a comfortable 30 per cent, trading at 13 cents

Creso Pharma's (CPH) shares are up 30 per cent as the U.S. House of Representatives passes a bill to decriminalise cannabis at a national level.

The House passed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act to remove cannabis as an illegal substance from the US Controlled Substances Act.

MORE aims to effectively decriminalise marijuana on a national level by erasing certain federal convictions.

While the bill is not guaranteed to pass in the senate, it marks a significant milestone for the cannabis industry. The decision follows recent rulings from the United Nations and Court of Justice of the European Union.

Creso says the development positions it well to capitalise on opportunities in the U.S. market and is currently exploring near-term developments.

The company's 24,000-square foot cultivation growing Mernova facility sits around 2735 kilometres from the U.S. border. As a result, it may position Mernova with immediate opportunities if the legislation passes.

Creso Pharma also says legislation like the MORE Act could encourage involvement from private investors and corporate entities that are hesitant to become involved in the U.S. cannabis industry.

Company Co-founder and Director, Mr Boaz Wachtel, says the ruling could create significant growth opportunities in the burgeoning industry.

"Creso is very well positioned to capitalise on opportunities arising from the market in the USA, including expanding distribution of its existing cannabis products through the scale up its operations in Canada and Switzerland."

Creso's shares are in the green up a comfortable 30 per cent, trading at 13 cents each at 12:24 pm AEDT.

CPH by the numbers
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