Cannabis Stocks Jump On News That DEA May Soon Undertake Marijuana Reform
News of possible cannabis rescheduling from its onerous position as a Schedule 1 drug on the federal government’s Controlled Substance Act has sent sparks into the cannabis community at large as some of the industry’s most important weed stocks enjoy a much-needed boost.
What Happened: Doug Kass, world-renowned hedge fund manager, posted on X, formerly Twitter, Friday that the “DEA will approve a rescheduling of cannabis to Schedule III.”
“We have learned yesterday that the U.S. Drug Enforcement Administration will shortly approve a rescheduling of cannabis to Schedule III,” Kass said in part of his first tweet on the subject Friday. He advised selling a gap higher in cannabis stocks as a result of the rumored development.
It is clearly time to get together and talk about all this exciting news, so DO NOT miss the upcoming Benzinga Cannabis Capital Conference in Florida where we will be talking about all things weed including cannabis companies’ valuations, earnings and investment opportunities. Join us at the new Hollywood venue on April 16 and 17, 2024.
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