DEA Vs. White House: Agency Pushes Back On Medical Benefits Of Cannabis, Weed Stocks Wobble
Portfolio Pulse from Maureen Meehan
Tension between the White House and the DEA over marijuana rescheduling is increasing, with DEA officials questioning the medicinal benefits of cannabis despite HHS documents supporting its medical use. The DEA's resistance and concerns over THC potency have caused cannabis stocks to wobble, with notable dips in stocks like MSOS, CURLF, GTBIF, VRNOF, and TCNNF. Rescheduling cannabis could offer significant benefits for the industry, including federal tax deductions and more research opportunities, but faces legal and international treaty concerns.
March 11, 2024 | 10:56 pm
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NEGATIVE IMPACT
Curaleaf Holdings Inc saw its stock wobble but eventually settled at $4.24 after hours following the DEA's skepticism on cannabis rescheduling.
The DEA's doubts about cannabis' medicinal benefits and the potential for rescheduling have negatively influenced Curaleaf Holdings' stock performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Green Thumb Industries Inc experienced a 4% to 6% pullback before leveling off, amid DEA concerns over cannabis rescheduling.
The DEA's skepticism towards cannabis rescheduling has led to a temporary pullback in Green Thumb Industries' stock, reflecting investor caution.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
AdvisorShares Pure US Cannabis ETF experienced a dip and settled at $7.84 after hours amid DEA and White House tensions over cannabis rescheduling.
The DEA's resistance to rescheduling cannabis, despite HHS support, has directly impacted investor sentiment towards cannabis stocks, including MSOS.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Trulieve Cannabis Corp saw a 4% to 6% pullback in its stock amid DEA's cannabis rescheduling concerns, before it leveled off.
The DEA's ongoing review and skepticism towards cannabis rescheduling have led to a temporary decrease in Trulieve Cannabis Corp's stock.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Verano Holdings Corp's stock pulled back 4% to 6% amid DEA's resistance to cannabis rescheduling, before stabilizing.
Investor concerns over the DEA's stance on cannabis rescheduling have temporarily impacted Verano Holdings Corp's stock performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70