Cannabis Stocks Rally Amid Support for DEA Rescheduling Cannabis Stocks Rally Amid Support for DEA Rescheduling

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cannabis legalization in the united states of america. cannabis leaf in hands on usa flag background

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The green rush is on! Cannabis stocks are soaring this Tuesday as the US Department of Health and Human Services, joined by a coalition of a dozen state attorneys general, has thrown their weight behind a push to move marijuana out of the restrictive Schedule I category, where it is considered as dangerous as heroin, and into the more permissive Schedule III. This support has sent shockwaves through the market, triggering a resounding surge for cannabis stocks across the board.

The drive to reclassify marijuana received a substantial boost after a letter from the HHS to the DEA, advocating for its reclassification, was unveiled last Friday. In the letter, the HHS acknowledged the proven medicinal uses of cannabis, positioning it as a candidate for a less restrictive drug classification. Presently, marijuana is unjustly corralled in the Schedule I category, shackled by its association with drugs deemed to have no medical value and a high propensity for harmful abuse – a group that includes the likes of heroin. The fervor to usher marijuana into Schedule III has further intensified with 12 state attorneys general also firing off a missive to the DEA, urging a reclassification to quell the proliferation of unregulated and illicit cannabis products.

The bullish sentiment reverberated on Tuesday, propelling a slew of cannabis stocks to significant gains. Notable beneficiaries of this resounding rally include multi-state operators MedMen Enterprises (OTCQB:MMNFF), Curaleaf Holdings (OTCPK:CURLF), Acreage Holdings (OTCQX:ACRHF), Cresco Labs (OTCQX:CRLBF), Green Thumb Industries (OTCQX:GTBIF), Trulieve Cannabis (OTCQX:TCNNF), Ayr Wellness (OTCQX:AYRWF), and Ascend Wellness (OTCQX:AAWH), along with Grow Generation (GRWG), Jushi (OTCQX:JUSHF), Village Farms (VFF), Canopy Growth (CGC), Tilray Brands (TLRY), Cronos Group (CRON), and OrganiGram Holdings (OGI).

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