Cannabis stocks are falling on Wednesday as shares of marijuana companies are giving up some of the massive gains they saw yesterday.
That rally came about after reports claimed that President Joe Biden’s administration is moving forward with plans to reschedule cannabis from a Schedule I drug to a Schedule III drug. This would see it face fewer restrictions on research and open up tax breaks for companies in the field.
This decision is a major win for cannabis stocks and resulted in many shares climbing higher during normal trading hours on Tuesday! However, these stocks couldn’t keep the momentum going and are now retreating after yesterday’s rally.
Let’s check out how some of the biggest cannabis stocks are performing on Wednesday below!
Cannabis Stocks Down Today
- Canopy Growth (NASDAQ:CGC) stock is down 28% as of Wednesday afternoon but up 123.8% year-to-date (YTD).
- Aurora Cannabis (NASDAQ:ACB) shares are falling 22.5% as of this writing but are still up 50.6% since the start of the year.
- Tilray (NASDAQ:TLRY) stock is dropping 19.4% on Wednesday and is currently down 10.4% YTD.
Outside of cannabis stocks, there are plenty of other market happenings that traders will want to know about on Wednesday!
Fortunately for them, we have all of the hottest stock market news investors need to read about today! Among that is what’s sending shares of CytomX (NASDAQ:CTMX) stock higher, a Johnson & Johnson (NYSE:JNJ) lawsuit settlement and Starbucks (NASDAQ:SBUX) shares getting a price cut. All of this news is available at the links below!
More Stock Market News for Wednesday
- Why Is CytomX (CTMX) Stock Up 180% Today?
- JNJ Stock: J&J Proposes $6.5 Billion Settlement for Talc Cancer Lawsuits
- Wedbush Just Slashed Its Price Target on Starbucks (SBUX) Stock
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.
