Cannabis stocks rally after Chuck Schumer leads drive for reforms that may end federal prohibition

Cannabis stocks were mostly higher Tuesday after three Democratic senators led by Majority Leader Chuck Schumer said they would make reform legislation a key priority in the current Congress, bolstering hopes for an end to federal prohibition.

Schumer, along with Sens. Ron Wyden of Oregon and Cory Booker of New Jersey, said in a joint statement that they would introduce legislation in the coming weeks.

“The War on Drugs has been a war on people—particularly people of color. Ending the federal marijuana prohibition is necessary to right the wrongs of...