Cannabis Stocks And ETFs Surge As DEA Moves To Reschedule Marijuana

Author: Jelena Martinovic | April 30, 2024 02:43pm

The cannabis sector saw a notable upswing on Tuesday on news of the Drug Enforcement Administration's (DEA) historic decision to align its stance with a recommendation from the Department of Health and Human Services and move marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA).

Earlier this year the Dept. of Health and Human Services (HHS) released 252 pages of documents confirming for the first time it recommended to the DEA to reschedule cannabis from Schedule I to Schedule III under the Controlled Substances Act.

The documents explained that cannabis “has a currently accepted medical use in treatment in the United States” and that it has a “potential for abuse less than the drugs or other substances in Schedules I and II."

Now, investors seem optimistic about potential regulatory changes that could benefit the cannabis industry.

See also: DEA's Cannabis Classification: Time To Right A Decades-Old Mistake As Feds Confirm Marijuana's Medical Benefits

Pro tip: Learn all about the future of the cannabis industry at the Benzinga Cannabis Capital Conference this October in Chicago. Hear directly from key industry players and policymakers. Get your tickets now by following this link, and access a 20% discount using the code JAVI20.

Here’s how some of the top US and Canadian cannabis stocks are trading at the moment of writing on Tuesday:

• Curaleaf Holdings Inc‘s (OTC:CURLF) shares are trading 17.78% higher at $5.94 per share.
• Green Thumb Industries Inc‘s (OTC:GTBIF) shares are trading 21.23% higher at $15.22 per share.
• Cresco Labs Inc‘s (OTC:CRLBF), shares are trading 14.68% higher at $2.5 per share.
• Verano Holdings Corp‘s (OTC:VRNOF) shares are trading 17.62% higher at $5.94 per share.
• Trulieve Cannabis Corp‘s (CSE:TRUL) (OTCQX:TCNNF) shares are trading 27.12% higher at $13.22 per share.
• The Cannabist Company Holdings Inc’s (NEO: CBST) (OTCQX:CBSTF) (FSE: 3LP) shares are trading 29.95% higher at $0.3697 per share.
• WM Technology, Inc. (NASDAQ:MAPS) shares are trading 38.1201% higher at $1.4400 per share.
• Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) shares are trading 35.34% higher at $11.26 per share.
• Tilray Brands Inc‘s (NASDAQ:TLRY) shares are trading 29.9379% higher at $2.2999 per share.
• Aurora Cannabis, Inc. (NASDAQ:ACB) shares are trading 22.94% higher at $7.77per share.

Here’s how some of the best-performing cannabis ETFs are trading at the moment of writing on Tuesday:

• AdvisorShares Pure US Cannabis ETF‘s (NYSE:MSOS) shares are trading 21.01% higher at $10.91 per share.
• Amplify Alternative Harvest ETF's (NYSE:MJ) shares are trading 17.62% higher at $4.5050 per share.
• AdvisorShares MSOS 2x Daily ETF’s (NYSE:MSOX) shares are trading 43.26% higher at $6.92 per share.
• AdvisorShares Pure Cannabis ETF‘s (NYSE:YOLO) shares are trading 17.15% higher at $4.4399 per share.
• Amplify Seymour Cannabis ETF‘s (NYSE:CNBS) shares are trading 20.27% higher at $6.17 per share.
• Amplify U.S. Alternative Harvest ETF's (NYSE:MJUS) shares are trading 18.79% higher at $2.3401 per share.

Now read: Reschedule Cannabis Or ‘Abolish The DEA,' Says Physician: Examining The 50-Year-Old, Trillion-Dollar Agency

Pro tip: Learn all about the future of the cannabis industry at the Benzinga Cannabis Capital Conference this October in Chicago. Hear directly from key industry players and policymakers. Get your tickets now by following this link, and access a 20% discount using the code JAVI20.here.

Posted In: ACB CBSTF CGC CNBS CRLBF CSE:TRUL CURLF GTBIF MAPS MJ MJUS MSOS MSOX TCNNF TLRY TRUL TSX:WEED VRNOF WEED YOLO