Cannabis stocks are up on Thursday as investors in the market react to news that marijuana may be downgraded from a Schedule I drug.
According to insiders, a member of the Department of Health and Human Services is seeking a drop in the drug from Schedule I to Schedule III. To put that in perspective, heroin is a Schedule I drug while cocaine and fentanyl are Schedule II drugs.
A downgrade to a Schedule III drug would put marijuana below all of these drugs. If this change were to happen, it would reduce restrictions on marijuana. Doing so could be a great boon to cannabis stocks.
The Drug Enforcement Agency (DEA) has confirmed that it got a letter requesting a lower the rating for cannabis to Schedule III. However, it hasn’t said if it will follow that recommendation. Instead, the agency will conduct its own review of the drug, reports Business Insider.
Let’s get into how cannabis stocks are reacting to this news below!
Cannabis Stocks Up Today
- Tilray Brands (NASDAQ:TLRY) stock is up more than 4% as of Thursday morning.
- Aurora Cannabis (NASDAQ:ACB) shares are rallying over 7% as of this writing.
- Canopy Growth (NASDAQ:CGC) stock is climbing more than 7% higher on Thursday.
- Curaleaf (OTCMKTS:CURLF) shares are jumping over 25% this morning.
Investors looking for more than just the latest cannabis stock market news will want to stick around!
We’ve got all of the biggest stock market stories that traders need to know about Thursday! A few examples include what’s happening with shares of Shopify (NYSE:SHOP), Palantir (NYSE:PLTR) and Axcella Health (NASDAQ:AXLA) stock today. All of that info is available at the links below!
More Thursday Stock Market News
- Shopify (SHOP) Stock Jumps 6% on Amazon Deal
- Morgan Stanley Just Issued a Warning on Palantir (PLTR) Stock
- Why Is Axcella Health (AXLA) Stock Down 21% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
