"Schumer Says DEA Marijuana Rescheduling Decision Is 'Historic,' But He Remains 'Strongly Committed' To Passing Banking And Legalization Bills" - Marijuana Moment
Portfolio Pulse from Benzinga Newsdesk
Senate Majority Leader Chuck Schumer described the DEA's decision to propose rescheduling marijuana as a 'historic step forward' but emphasized his commitment to passing the SAFER Banking Act and the Cannabis Administration and Opportunity Act (CAOA) for further cannabis reform. The DEA's move to reclassify cannabis from Schedule I to Schedule III under the Controlled Substances Act is seen as a significant but limited step, allowing for more research and some federal tax deductions for state-licensed cannabis businesses. However, Schumer and other advocates stress the need for comprehensive legislation to end federal prohibition and address the harms of the War on Drugs.
April 30, 2024 | 8:43 pm
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POSITIVE IMPACT
The DEA's decision to propose rescheduling marijuana could have a positive impact on the ETFMG Alternative Harvest ETF (MJ), which tracks cannabis stocks, by potentially increasing investment interest due to reduced federal restrictions and recognition of medical value.
The DEA's move to reclassify marijuana may reduce some federal barriers, encouraging more research and potentially increasing the market for cannabis-related businesses. This could lead to increased investor interest in cannabis stocks, positively impacting MJ, which is composed of such stocks.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The AdvisorShares Pure US Cannabis ETF (MSOS), focusing on U.S.-based cannabis companies, might see a positive short-term impact from the DEA's rescheduling decision, as it could lead to improved operational conditions and market sentiment for its holdings.
By potentially easing some federal restrictions on cannabis, the DEA's decision could improve the business environment for U.S.-based cannabis companies, which are the primary holdings of MSOS. This could enhance investor sentiment and operational conditions for these firms, positively affecting MSOS's performance.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80