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Stocks Rally Following Leaked Cannabis Rescheduling Letter

Cannabis stocks are rallying after a letter was leaked to Bloomberg on Wednesday revealing that The U.S Department of Health and Human Services (HHS) has recommended the Drug Enforcement Administration (DEA) reclassify cannabis from Schedule I to Schedule III under federal law.

While the Global Cannabis Stock Index hit an all-time low in June 2023, the rescheduling news saw the Index spike following a strong month in July which saw stocks such as Tilray and Hydrofarm rise by 62.2% and 49.6% respectively.

Stocks that have surged since the announcement include:

  • StateHouse Holdings (STHZF) jumped by a remarkable 20%.
  • Green Thumb Industries Inc. (GTBIF) marked an impressive of 17.6%.
  • AdviserShares Pure US Cannabis ETF (MSOS) saw a surge of 17.5%.
  • Cresco Labs Inc. (CRLBF) rose by 13.7%.
  • Curaleaf Holdings Inc. (CURLF) increased by 13% increase.
  • Trulieve Cannabis Corp. (TCNNF) experienced 15.6% growth.
  • Canopy Growth Corp. (CGC) saw a 13.24% rise.
  • Tilray Brands Inc. (TLRY) recorded a 10.83% rise.
  • TerrAscend (TSNDF) recorded a 10.3% rise.
  • ETFMG Alternative Harvest ETF (MJ) experienced an increase of 8.2%.

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