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Cannabis legalization hopes rise with potential new Republican-led legislation

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Yahoo Finance Live's Julie Hyman and Brian Sozzi explain potential cannabis reform legislation that reportedly is being championed by Republican lawmakers and Gores Guggenheim being a new favorite SPAC in the EV market.

Video transcript

BRIAN SOZZI: Welcome back to Yahoo Finance Live. We're keeping an eye on cannabis stocks, as Julie mentioned before we head into break. According to Business Insider, Representative Nancy Mace, a freshman Republican from South Carolina, is set to introduce a bill that would federally decriminalize cannabis. We are seeing some mixed action here, Julie. I would have thought when I saw this news cross our Slack channel moments ago, we would have seen a little more positive reactions. We're seeing some more mixed reactions.

JULIE HYMAN: Well, it seems like-- I don't know how much juice Nancy Mace has. So maybe that's part of it. There are still definitely-- there are still substantial opposition within the Republican Party to doing a bill like this. So perhaps there's not just that confidence that something like this is going to end up getting through, even if the drumbeat is pushing towards decriminalization or legalization. Or maybe it's the fact that it's just decriminalization, and not outright legalization, perhaps, that is part of lack of enthusiasm here. Who knows? But as you said, we're seeing a mixed picture on these stocks.

BRIAN SOZZI: Yeah, and also, too, [INAUDIBLE] continue to watch Gores Guggenheim, Julie. That is that electric vehicle SPAC that is supposed to merge with electric vehicle Polestar maker in several months from now. But it looks like it just got wrapped up in the Rivian trade.

JULIE HYMAN: Yeah, there's a lot of-- there's enthusiasm to spare in that group, that's for sure. And of course, Guggenheim is the top trending ticker on Yahoo Finance right now. So, obviously, a lot of people interested in that. We just talked to [? Phil ?] [? Hassall ?] before of Equities then. It sounds like there's still a lot of enthusiasm out there for these guys.

BRIAN SOZZI: I like what Phil said, though, Julie, on Rivian being priced for perfection before it came to market. Now it's really, really priced for perfection. I think Phil is on the mark there. You have to think that they're going to have struggles just like Tesla, as they were trying to grow into their name as--

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