The Globe and Mail reports in its Saturday, July 23, edition that Canadian cannabis stock prices slid last week as analysts reiterated doubts that a sweeping U.S. bill on legalization introduced on Thursday would pass the Senate. The Globe's Irene Galea writes that the bill is known as the Cannabis Administration and Opportunity Act. If adopted, it would remove cannabis from the U.S. Controlled Substances Act and lay the groundwork for Canadian cannabis companies to make inroads in American markets. The bill aims to decriminalize pot across the U.S. and allow states to set their own laws governing its distribution. The Senate has already rejected a slew of previous attempts at introducing a legal and financial framework for cannabis. While experts say this most recent iteration of the bill -- a revised version of a draft presented last year -- is unlikely to be passed, they largely agree that, as with previous attempts to make cannabis legal, each try moves the needle. Cantor Fitzgerald analyst Pablo Zuanic is doubtful the bill, proposed by Democratic Senate Majority Leader Chuck Schumer, will get the required 60 votes in the Senate. Cowen analyst Jaret Seiberg called the bill "dead on arrival."
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