Shares of cannabis stocks are trading higher after Biden said the Justice Department is taking the next steps to reclassify marijuana from Schedule I to Schedule III.
Portfolio Pulse from Benzinga Newsdesk
Shares of cannabis stocks are trading higher after President Biden announced that the Justice Department is taking steps to reclassify marijuana from Schedule I to Schedule III.
May 16, 2024 | 5:12 pm
News sentiment analysis
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POSITIVE IMPACT
Aurora Cannabis Inc. (ACB) shares are trading higher following Biden's announcement on marijuana reclassification.
Reclassification of marijuana to Schedule III would reduce regulatory burdens and potentially increase market opportunities for Aurora Cannabis.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Canopy Growth Corporation (CGC) sees a boost in its stock price after Biden's announcement on marijuana reclassification.
Reclassification to Schedule III would ease restrictions and could lead to increased sales and market expansion for Canopy Growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Cronos Group Inc. (CRON) shares are up following Biden's announcement on the reclassification of marijuana.
Reclassification to Schedule III would likely reduce regulatory hurdles and open up new market opportunities for Cronos Group.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
GrowGeneration Corp. (GRWG) stock is trading higher after Biden's announcement on marijuana reclassification.
Reclassification to Schedule III could lead to increased demand for GrowGeneration's products as the cannabis market expands.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
FSD Pharma Inc. (HUGE) shares are trading higher following Biden's announcement on marijuana reclassification.
Reclassification to Schedule III would likely reduce regulatory barriers and create new opportunities for FSD Pharma.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
IM Cannabis Corp. (IMCC) stock is trading higher after Biden's announcement on marijuana reclassification.
Reclassification to Schedule III could lead to reduced regulatory hurdles and increased market opportunities for IM Cannabis.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Leafly Holdings Inc. (LFLY) shares are up following Biden's announcement on the reclassification of marijuana.
Reclassification to Schedule III would likely reduce regulatory barriers and create new opportunities for Leafly Holdings.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
WM Technology Inc. (MAPS) stock is trading higher after Biden's announcement on marijuana reclassification.
Reclassification to Schedule III could lead to reduced regulatory hurdles and increased market opportunities for WM Technology.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70