A White House spokesperson on Monday confirmed reports that President Joe Biden plans to sign the Medical Marijuana and Cannabidiol Research Expansion Act after the measure won approval in the U.S. Senate last week. The measure ranks as the first standalone cannabis reform bill to pass both the U.S. House of Representatives and the Senate. The bill aims to eliminate red tape that’s slowing cannabis research for new treatments. The White House spokesperson did not say when Biden planned to sign the bill. The AdvisorShares Pure U.S. Cannabis ETF is down 4% in recent trades while the ETFMG Alternative Harvest ETF is off by 2%.

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