Cannabis stocks could see higher highs.
“Marijuana should be rescheduled as a Schedule III drug as the plant does appear to have medical uses and is less dangerous than other drugs, according to a just made public HHS document,” as noted by Seeking Alpha. “Addressing a 252-page review, HHS Assistant Secretary for Health Rachel Levine wrote that based on evaluations from FDA scientists, cannabis should become a Schedule III substance.”
As a result of that news, several cannabis stocks are being bid higher, including Curaleaf Holdings (CURLF – up 7%), Green Thumb Industries (GTBIF- up about 11%), and Trulieve Cannabis (TCNNF – up 9%) on the news.
According to CNN, “Rescheduling marijuana could open up more avenues for research, allow cannabis businesses to bank more freely and openly, and have firms no longer subject to a 40-year-old tax code that disallows credits and deductions from income generated by sales of Schedule I and II substances.”
Now, as we near the 2024 U.S. presidential election, there’s speculation we could see further action on legalization efforts.
