Weed Stocks Rally After Biden Makes Marijuana Reclassification Announcement
Portfolio Pulse from Erica Kollmann
Shares of marijuana growers and cannabis-related companies are trading higher after President Biden announced the reclassification of marijuana from a Schedule I to a Schedule III substance. Major players like Canopy Growth, Aurora Cannabis, and Tilray Brands saw significant gains, along with smaller companies and cannabis ETFs.
May 16, 2024 | 6:07 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Aurora Cannabis shares rose 11.4% after the announcement of marijuana reclassification.
Aurora Cannabis benefits from the regulatory change, which is expected to improve its market conditions, resulting in a notable increase in its stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Canopy Growth shares surged 15.7% following Biden's announcement on marijuana reclassification.
The reclassification of marijuana is a significant regulatory change that positively impacts Canopy Growth's business prospects, leading to a sharp increase in its stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
IM Cannabis shares climbed 10% following the marijuana reclassification news.
IM Cannabis is positively impacted by the regulatory change, which is expected to enhance its business environment, resulting in a stock price increase.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Leafly Holdings shares are up following the marijuana reclassification announcement.
Leafly Holdings benefits from the positive regulatory change, which is expected to improve its market conditions, leading to a rise in its stock price.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Amplify Alternative Harvest ETF is up following the marijuana reclassification news.
The ETF benefits from the overall positive sentiment in the cannabis industry due to the regulatory change, leading to an increase in its value.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
AdvisorShares Pure US Cannabis ETF is up following the marijuana reclassification news.
The ETF benefits from the overall positive sentiment in the cannabis industry due to the regulatory change, leading to an increase in its value.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tilray Brands shares increased by 6.28% after the reclassification announcement.
The reclassification of marijuana is a positive regulatory development for Tilray Brands, leading to a rise in its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100