Why the Cresco (ASX:CPH) share price is rocketing up 30% today

The emerging cannabis industry has received another vote of confidence, after the United States House of Representatives passed a historic bill to end a federal ban on marijuana last Friday.

The proposal has yet to be signed into law. However it’s given a boost to Australia’s cannabis industry, including ASX-listed Creso Pharma Ltd (ASX: CPH). The Cresco share price is surging 30% higher to 13 cents at the time of writing.

US Senate to vote on the new bill

The US House of Representatives on Friday voted on the Marijuana Opportunity Reinvestment and Expungement Act, popularly known as the MORE Act. The Act decriminalises cannabis and clears the way to erase non-violent federal marijuana convictions. 

In the vote count, 228…