This is Why Cannabis Stocks are Racing to Higher Highs – 5/9

Just a few weeks ago, we noted:

“Cannabis stocks have been explosive. All thanks to legalization in Germany, the addition of a cannabis vote in Florida, growing approval ratings in polls, and speculation it could be favorably mentioned in the election. According to the Pew Research Center, about nine in 10 Americans (88%) said that cannabis should be legal for medical or recreational use.”

With that, we highlighted related stocks, such as Canopy Growth (SYM: CGC), Aurora Cannabis (SYM: ACB), and ETFs such as the Advisor Shares Pure US Cannabis ETF (SYM: MSOS) and ETFMG Alternative Harvest ETF (SYM: MJ). Then, we got news that the US DEA will reschedule cannabis as a less dangerous drug.

In fact, according to the Associated Press, it now “clears the last significant regulatory hurdle before the agency’s biggest policy change in more than 50 years can take effect.”

They added, “Today, the Attorney General circulated a proposal to reclassify marijuana from Schedule I to Schedule III,” Justice Department director of public affairs Xochitl Hinojosa said in a statement. The DEA is a component of the Department of Justice. “Once published by the Federal Register, it will initiate a formal rulemaking process as prescribed by Congress in the Controlled Substances Act.”

Company: Canopy Growth (SYM: CGC)

With that news, Canopy Growth ran from about $8.20 to a high of $14.92. Now back to $9.07, we believe it could push even higher heading into the elections.

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Company: Aurora Cannabis (SYM: ACB)

Aurora Cannabis ran from $6.20 to $9.35. It’s now back to $6.42.

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ETFs: Advisor Shares Pure US Cannabis ETF (SYM: MSOS), ETFMG Alternative Harvest ETF (SYM: MJ)

The MSOS ETF ran from about $8.50 to a high of $11.37. It’s now back to $9.10 and could push higher, as well. With the MJ ETF, it ran from $3.80 to a high of $4.80. It’s now back to $4.05 and could also race higher as we near the elections.

With a good deal of catalysts ahead – like the elections – each could gain more momentum. 

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