Marijuana stocks both within and north of our borders took the wrong kind of hit on Tuesday. This followed the admission from a powerful and influential marijuana reform advocate that U.S. drug laws will not see a major change anytime soon.

Few weed stocks escaped unscathed. Canadian company Tilray Brands (NASDAQ: TLRY) saw its share price slump by nearly 6%, while Aurora Cannabis (NASDAQ: ACB) fared worse with a more-than 7% decline. American multistate operator (MSO) Curaleaf (OTC: CURLF), meanwhile, fell in excess of 4% on the day.

The person throwing his hands up in defeat was Senate Majority Leader Charles Schumer. In a speech on the Senate floor, Schumer promised to keep pushing forward with marijuana reform efforts in 2023. With this, he effectively admitted that a recent, last-ditch lobbying effort by himself and a clutch of other members of Congress had failed.

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Source Fool.com