The House of Representatives voted to decriminalize marijuana on Friday. Cannabis stocks wavered.
The House bill, called the Marijuana Opportunity Reinvestment and Expungement Act, or MORE Act, would remove marijuana from the list of scheduled substances and establish a process to expunge prior cannabis convictions. It also will impose a federal tax on marijuana products—a 5% excise tax for the first two years, increasing by 1% incrementally each year in the next three years.
The House voted 220-204 to pass the bill on Friday, mainly along party lines. Three Republicans sided with the Democrats in favor of the measure, while two Democrats voted against it.