On April 29, we noted, “Keep an eye on cannabis stocks as we near the election. investors may want to consider related stocks, such as Canopy Growth (CGC) and ETFs such as the Advisor Shares Pure US Cannabis ETF (MSOS).”
Since then, CGC exploded from about $8.50 to a high of $14.92.
MSOS ran from about $8.40 to a high of $11.36.
Both could race even higher after the US DEA said it will reclassify cannabis as a less dangerous drug. As noted by the Associated Press, “Once OMB [White House Office of Management and Budget] signs off, the DEA will take public comment on the plan to move marijuana from its current classification as a Schedule I drug, alongside heroin and LSD. It moves pot to Schedule III, alongside ketamine and some anabolic steroids.”
This is historic news that could have a substantial impact on the cannabis story.
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A growing number of Americans want to see it legalized. In fact, according to Pew Research, about 88% of Americans want to see that happen. |
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Even an upcoming vote on adult-use in Florida has been fueling upside. According to MJBizDaily.com, “Florida is poised to become the next state to legalize adult-use marijuana. The state’s Supreme Court ruled Monday that an industry-funded ballot initiative will appear on state voters’ November ballots.” All could help send related cannabis stocks to higher highs. |
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