IceCure Medical (ICCM) Stock: Why The Price Increased Today

By Amit Chowdhry ● Mar 25, 2022
  • The stock price of IceCure Medical Ltd (NASDAQ: ICCM) increased by over 1% during intraday trading today. This is why.

The stock price of IceCure Medical Ltd (NASDAQ: ICCM) increased by over 1% during intraday trading today. This is part of a broader rally in cannabis stocks today.

Yesterday the U.S. Senate had unanimously approved a marijuana bill. The bill — which is known as the Cannabidiol and Marihuana Research Expansion Act — was sponsored by Senators Dianne Feinstein (D-CA), Brian Schatz (D-HI), and Chuck Grassley (R-IA). The bill had cleared the full chamber unanimously and without debate, according to Marijuana Moment.

This bill would make the application process for researchers who want to study the plant much more efficient. And it would also encourage the FDA to lean into more cannabis-derived medicines. Plus it would also establish guidelines about physicians discussing the risks and benefits of marijuana with patients and it would require the U.S. Department of Health and Human Services (HHS) to produce a report about potential health benefits.

Along with Feinstein, Grassley and Schatz, the bill is cosponsored by Senators Dick Durbin (D-Ill.), Amy Klobuchar (D-Minn.), Thom Tillis (R-N.C.), Tim Kaine (D-Va.), Joni Ernst (R-Iowa), Kevin Cramer (R-N.D.), Jon Tester (D -Mont.) and Lisa Murkowski (R- Alaska).

KEY QUOTES:

“This bipartisan bill is critical to better understanding the marijuana plant and its potential benefits and side effects. It will empower the FDA to analyze CBD and medical marijuana products in a safe and responsible way so that the American public can decide whether to utilize them in the future based on sound scientific data. Researching marijuana is widely supported by my colleagues on both sides of the aisle, and it’s a smart step forward in addressing this current schedule I drug.” 

— Senator Grassley

“Current rules and regulations make it hard for researchers to study how marijuana and marijuana-derived medications can best be used to treat various conditions. This important legislation will cut the red tape around the research process, helping get FDA-approved, marijuana-derived medications safely to patients.”

— Senator Feinstein

“The medical community agrees that we need more research to learn about marijuana’s potential health benefits, but our federal laws today are standing in the way of us finding those answers. We are now one step closer to removing excessive barriers that make it difficult for researchers to study the effectiveness and safety of marijuana, and hopefully, give patients more treatment options.”

— Senator Schatz

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.