DEA Moves To Reschedule Weed, Cannabis Stocks Go For Wild Ride, Pummel Short Sellers With $210M In Losses
In a swift, almost frenzied surge, cannabis stocks soared following Tuesday’s news that the DEA intends to begin the process of moving marijuana from its onerous Schedule I designation to Schedule III.
One of the major benefits of this long-awaited move lies in the expected changes in the tax law.
If marijuana transitions from Schedule I to III, cannabis companies will be able to write off standard corporate deductions. That’s a benefit unfairly denied to them for years, forcing them to pay exorbitant taxes.
Green Market noted that some companies — Green Thumb Industries (OTCQX: GTBIF), Verano Holdings (OTCQX: VRNOF) and Cresco Labs (OTCQX: CRLBF) — could boost their bottom lines by $70 million to $100 million potentially starting …