Cannabis Firms See Prices Rise Ahead of Senate Hearing on Decriminalization

American and Canadian cannabis companies saw their stocks rise Wednesday (July 20) ahead of a U.S. Senate hearing on possible federal marijuana decriminalization.

According to published reports, the Senate Judiciary Subcommittee on Crime and Terrorism, led by Sen. Cory Booker (D-NJ), is expected to meet on July 26 for the discussion titled “Decriminalizing Cannabis at the Federal Level: Necessary Steps to Address Past Harms.”

This meeting will see the committee review a long-awaited measure from Senate Democrats that would make marijuana legal at the federal level.

Read more: House Passes Cannabis Banking Initiative as Part of Defense Bill

Recreational cannabis use is legalized in 18 states, the District of Columbia, the Northern Mariana Islands and Guam, while another 13 states and the U.S. Virgin Islands have decriminalized its use. Several other states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands have approved marijuana for medical use.

The use of marijuana remains fully illegal in four states — Idaho, Wyoming, Kansas and South Carolina — according to DISA.

See also: Cashless ATMs Mask Estimated $7B in Cannabis Transactions

PYMNTS reported earlier this year that cashless ATMs have been used to process around $7 billion in cannabis transactions.

Legal cannabis retailers have had problems facilitating payments because marijuana is still illegal on the federal level, a continuing conflict with banks, making it nearly impossible for shops to accept payments other than cash.

However, a loophole has made it possible for dispensaries to accept cards, meaning cashless ATMs could process up to a quarter of the estimated $28 billion projected to come in from U.S. dispensary sales this year.