Cannabis Stocks Soar As Gov Health Officials Call On DEA To Reschedule Marijuana: Is Legalization In Sight?
Portfolio Pulse from Maureen Meehan
The Department of Health and Human Services has recommended to the Drug Enforcement Administration that cannabis should be reclassified as a Schedule III controlled substance. This news has led to a significant increase in cannabis stocks and ETFs. AdviserShares Pure US Cannabis ETF (MSOS) is up 19.38%, TheETFMG Alternative Harvest ETF (MJUS) is up 12.05%. Cannabis stocks such as Canopy Growth Corporation (CGC), Curaleaf Holdings, Inc. (CURLF), Tilray, Inc. (TLRY), Cresco Labs, Inc. (CRLBF), Green Thumb Industries Inc. (GTBIF), and Trulieve Cannabis Corp. (TCNNF) have also seen significant increases.
August 30, 2023 | 7:00 pm
News sentiment analysis
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POSITIVE IMPACT
Canopy Growth Corporation (CGC) is up 14.99% following the news.
The stock has seen a significant increase due to the potential reclassification of cannabis, which could lead to increased business opportunities for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Cresco Labs, Inc. (CRLBF) is up 19.12% following the news.
The stock has seen a significant increase due to the potential reclassification of cannabis, which could lead to increased business opportunities for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Curaleaf Holdings, Inc. (CURLF) is up 15.24% following the news.
The stock has seen a significant increase due to the potential reclassification of cannabis, which could lead to increased business opportunities for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Green Thumb Industries Inc. (GTBIF) is up 18.84% following the news.
The stock has seen a significant increase due to the potential reclassification of cannabis, which could lead to increased business opportunities for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
TheETFMG Alternative Harvest ETF (MJUS) is up 12.05% following the news.
The ETF has seen a significant increase due to the potential reclassification of cannabis, which could lead to increased business opportunities for cannabis companies.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
AdviserShares Pure US Cannabis ETF (MSOS) is up 19.38% following the news.
The ETF has seen a significant increase due to the potential reclassification of cannabis, which could lead to increased business opportunities for cannabis companies.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Trulieve Cannabis Corp. (TCNNF) is up 18.41% following the news.
The stock has seen a significant increase due to the potential reclassification of cannabis, which could lead to increased business opportunities for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Tilray, Inc. (TLRY) is up 8.96% following the news.
The stock has seen a significant increase due to the potential reclassification of cannabis, which could lead to increased business opportunities for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100