President Biden Posts On X "Too Many Lives Have Been Upended Because Of Our Failed Approach To Marijuana. So Today, The @TheJusticeDept Is Taking The Next Step To Reclassify Marijuana From A Schedule I To A Schedule Iii Drug Under Federal Law."
Portfolio Pulse from Benzinga Newsdesk
President Biden announced on X that the Department of Justice is taking steps to reclassify marijuana from a Schedule I to a Schedule III drug under federal law. This move could have significant implications for the cannabis industry.
May 16, 2024 | 5:06 pm
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POSITIVE IMPACT
Aurora Cannabis (ACB) could benefit from the reclassification of marijuana, potentially easing regulatory burdens and expanding market opportunities.
Reclassification to Schedule III could reduce regulatory hurdles and open up new market opportunities for Aurora Cannabis.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
Canopy Growth (CGC) stands to gain from the reclassification of marijuana, which could lead to reduced regulatory constraints and broader market access.
The reclassification to Schedule III could ease regulatory constraints and provide new market opportunities for Canopy Growth.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
Cronos Group (CRON) may experience positive effects from the reclassification of marijuana, potentially leading to fewer regulatory challenges and expanded market potential.
Reclassification to Schedule III could reduce regulatory challenges and open up new market opportunities for Cronos Group.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
The ETFMG Alternative Harvest ETF (MJ) could see positive impacts from the reclassification of marijuana, benefiting from the overall growth in the cannabis sector.
Reclassification to Schedule III could boost the overall cannabis sector, positively impacting the ETFMG Alternative Harvest ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 70
POSITIVE IMPACT
The AdvisorShares Pure US Cannabis ETF (MSOS) could benefit from the reclassification of marijuana, potentially leading to growth in the U.S. cannabis market.
Reclassification to Schedule III could boost the U.S. cannabis market, positively impacting the AdvisorShares Pure US Cannabis ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 70
POSITIVE IMPACT
Tilray (TLRY) could benefit from the reclassification of marijuana, potentially easing regulatory burdens and expanding market opportunities.
Reclassification to Schedule III could reduce regulatory hurdles and open up new market opportunities for Tilray.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80