Congressman Blumenauer Slams DEA For Postponing Marijuana Rescheduling, Places Hope In 'Soon-To-Be President Harris'
Portfolio Pulse from Jelena Martinovic
The DEA has delayed the rescheduling of marijuana, pushing the decision potentially past the 2024 election. Congressman Blumenauer expressed disappointment but remains hopeful for future cannabis policy changes. The news led to a significant drop in the AdvisorShares Pure US Cannabis ETF (NASDAQ:MSOS).
August 28, 2024 | 5:43 pm
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NEGATIVE IMPACT
The DEA's delay in rescheduling marijuana led to a significant drop in the AdvisorShares Pure US Cannabis ETF (NASDAQ:MSOS), which fell over 10% in early trading.
The delay in marijuana rescheduling by the DEA creates regulatory uncertainty, negatively impacting cannabis-related stocks. MSOS, being a cannabis-focused ETF, is directly affected, resulting in a significant price drop.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90