Cannabis ETF Gains Momentum, Rising Over 8% As DEA Rescheduling Rumors Intensify (UPDATED)
Editor’s Note: This article has been updated to include a tweet from AdvisorShares Pure US Cannabis ETF (MSOS).
The cannabis industry seems to be sharing collective hopes Friday that this time the rumors of federal rescheduling are true, which has got weed stocks hitting the roof with speculation.
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.
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Kass then posted a video on X of Sen. …