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.
I can now share that, following the data and science, @HHSGov has responded to @POTUS’ directive to me for the Department to provide a scheduling recommendation for marijuana to the DEA.
We’ve worked to ensure that a scientific evaluation be completed and shared expeditiously. pic.twitter.com/p84x8p07sP
— Secretary Xavier Becerra (@SecBecerra) August 30, 2023
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%.
