"12 State Attorneys General Tell DEA To Reschedule Marijuana As 'Public Safety Imperative'" - Marijuana Moment
Portfolio Pulse from Benzinga Newsdesk
A group of 12 Democratic state attorneys general, led by Colorado AG Phil Weiser, has sent a letter to the DEA urging the rescheduling of cannabis from Schedule I to Schedule III, citing public safety and health concerns. They argue that regulated markets are safer and contribute significant tax revenue, and that rescheduling would allow for federal tax deductions for businesses. The DEA has the final authority on rescheduling and is currently reviewing the HHS recommendation. The outcome is uncertain, with various stakeholders expressing differing views on cannabis policy.
January 12, 2024 | 7:07 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) may see a neutral short-term impact from the news of potential cannabis rescheduling, as the ETF is diversified and not heavily weighted towards the cannabis industry.
SPY is a diversified ETF that tracks the S&P 500, which includes companies from various sectors. The cannabis industry represents a small portion of the overall market, so changes in cannabis regulation are unlikely to have a significant direct impact on SPY's performance.
CONFIDENCE 70
IMPORTANCE 10
RELEVANCE 20
POSITIVE IMPACT
The ETFMG Alternative Harvest ETF (MJ) could see a positive impact if the DEA reschedules cannabis, as it would likely benefit the cannabis industry by easing restrictions and potentially increasing market growth.
Rescheduling cannabis to Schedule III would likely lead to increased legitimacy and growth potential for the cannabis industry, which would positively affect ETFs like MJ that are focused on the cannabis sector. However, the impact is speculative until the DEA makes a final decision.
CONFIDENCE 60
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
AdvisorShares Pure US Cannabis ETF (MSOS) could benefit in the short term from the potential DEA rescheduling of cannabis, as it would improve the operating environment for US-based cannabis companies.
The rescheduling of cannabis would likely have a positive impact on US-based cannabis companies by reducing regulatory hurdles and improving market conditions, which would benefit MSOS as it invests in these companies. The actual impact is contingent on the DEA's decision.
CONFIDENCE 60
IMPORTANCE 70
RELEVANCE 80