Cannabis Stocks Plummet By Up To 16% On DEA Rescheduling Delay: Could This Be The Buying Opportunity Of 2024?
The U.S. Drug Enforcement Administration (DEA) announced a delay on Monday in its final ruling on cannabis rescheduling until after the November presidential election. The decision, which has created uncertainty in the market, pits Vice President Kamala Harris, a cannabis reform advocate, against former President Donald Trump, whose vice-presidential pick is opposed to legalization.
Market Responds With Sharp Declines
According to Benzinga Pro, the market’s response was immediate and pronounced. The AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) dropped over 10% in early trading, while individual cannabis stocks experienced significant declines.
Amid the market downturn some of the biggest losers included Curaleaf Holdings, Cresco Labs, and Cansortium.
Curaleaf Holdings (OTC:CURLF) fell by 15.68% to $2.71, with 372,001 shares traded.
Trulieve Cannabis (OTC:TCNNF) saw a 10.36% decline, closing at $8.60 with a volume of 381,698 shares.
Green Thumb Industries (OTC:GTBIF) dropped by 10.15%, ending the day at $9.56, with 274,985 shares changing hands.
Cresco Labs (OTC:CRLBF) declined 13.89% to $1.55, on a volume of 435,673 shares.
Cansortium (OTC:CNTMF) experienced a significant loss, dropping 16.67% to $0.125 with 312,094 shares traded.
Conversely, Trees (OTC:CANN) demonstrated resilience gaining 9.01%.
Among these, Green Thumb Industries emerges as a compelling buy opportunity. Despite …