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-- 121.840 Weed Stocks Blaze on DEA Reclassification Report
Shares of cannabis stocks jumped after an AP report Tuesday afternoon that the DEA had made official plans to reclassify marijuana as a safer Schedule III drug.
$Aurora Cannabis (ACB.US)$ jumped 12%, $Tilray Brands (TLRY.US)$ climbed 21%, and $Canopy Growth (CGC.US)$ grew 17%.
The report found the U.S. Drug Enforcement Administration had submitted a proposal to the White House to recognize the medical uses of the drug. The move would not outright legalize cannabis and still needs a sign-off before the DEA can submit the reclassification to public comment. The cannabis industry, free to flourish at a state level for more than two-thirds of the country, is worth $30 billion.
Still, marijuana at a Schedule I designation at a federal level keeps weed companies from financial, tax, and banking tools regular industries enjoy. AP said that easing federal regulations could help weed companies escape the tax burdens that makeup 70% of their businesses.
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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JABBOYYY : LFG $AdvisorShares MSOS Daily Leveraged ETF (MSOX.US)$
Perfectionist : LEEEEETS GOOOOOO, not where it should be but it’s a start.
坚守底线 : 15
70964268 : Solid news!
74542982 : That’s fantastic if can be legalised, And stop locking people,
charming Llama_7860 : Stop promoting Canadian canabis growers that have millions of dollars in debt . These stocks are more volatile than crypto.
Charles Walker II : been investing in those stocks for the past few years, I'm ready
73463559 : Amazing
Ben Buttons 73463559 : people don't even get locked up for weed anymore, cops just keep it or throw it away unless you have like 500 lbs then you know...lol