Cannabis Watch: Cannabis stocks rally after latest M&A deal, as New Jersey reaches deal on legal weed

Cannabis stocks were higher Tuesday, as investors digested the latest M&A deal in the sector and monitored efforts to legalize the substance in New York and New Jersey.

New York state Gov. Andrew Cuomo told reporters on Monday that cannabis legalization may not be included in his budget for the coming fiscal year, after pushback from lawmakers who are seeking to ensure people of color are guaranteed a share of the legal market, which is expected to be worth billions of dollars in sales.

Assemblywoman Crystal Peoples-Stokes, the first black woman to serve as Assembly majority leader, told the New York Times that legalization must include provisions to ensure that a community that was disproportionately affected by cannabis arrests and convictions can fully participate.

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