Pot stocks jump as long-shot U.S. decriminalization bill teed up for senate

Senate Democrats plan to introduce a bill to decriminalize marijuana at the federal level next week, a person familiar with the matter said, although the legislation faces long odds in the evenly divided chamber.

Majority Leader Chuck Schumer worked with Senators Cory Booker of New Jersey and Ron Wyden of Oregon on the measure. The senators circulated a draft of the bill last year and made tweaks after feedback from Senate committees. 

The Cannabis Administration and Opportunity Act would remove marijuana from the list of drugs covered by the Controlled Substances Act. States, however, can still maintain and create prohibitions on production and distribution of marijuana.