Why Charlotte's Web Holdings Stock Jumped Today

Shares of Charlotte's Web Holdings (OTC: CWBHF) jumped 10.8% higher on Wednesday. The hemp CBD pioneer didn't announce any news, but the stock appeared to be swept up in an overall rally for cannabis stocks today after the U.S. House of Representatives Judiciary Committee voted to approve a bill that legalizes marijuana in the U.S. 

While investors bid up Charlotte's Web shares today, there's actually little reason to get excited about the Judiciary Committee's action. The proposed bill to legalize marijuana passed in the committee in a lopsided 24-10 vote and will likely be able to pass in the full House as well. But the odds of even coming before the U.S. Senate for a vote aren't that great as long as Senate Majority Leader Mitch McConnell (R.-Ky.) remains opposed to marijuana legalization.

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Source Fool.com