Breaking: DEA Reportedly Moves To Reschedule Cannabis, Stocks Rise Sharply On The News
Portfolio Pulse from Maureen Meehan
The DEA plans to reclassify marijuana as a less dangerous drug, potentially moving it to Schedule III, acknowledging its medical uses and lower abuse potential. This historic policy shift, pending review by the White House Office of Management and Budget and public comment, has led to a sharp increase in cannabis stocks, notably the AdviserShares Pure U.S Cannabis ETF (MSOS), which surged 22.8%.
April 30, 2024 | 5:50 pm
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The AdviserShares Pure U.S Cannabis ETF (MSOS) experienced a significant surge, up 22.8%, following the DEA's announcement to potentially reclassify marijuana, indicating a positive market response to the regulatory shift.
The DEA's proposal to reclassify marijuana as a Schedule III drug, acknowledging its medical uses and lower potential for abuse, directly impacts the cannabis industry's regulatory landscape. This news has been positively received by the market, as evidenced by the sharp increase in the price of MSOS, a cannabis-focused ETF. The surge in MSOS's price reflects investor optimism about the future growth and profitability of the cannabis sector in light of potential regulatory easing.
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