Cannabis Stocks Surge as Biden Overhauls U.S. Cannabis Policy
NEW YORK – Following President Joe Biden’s executive decision to change U.S. policy on cannabis, the White House today announced it is pardoning all prior federal offenses for simple cannabis possession. Consequently, shares of cannabis growers and sellers with U.S.-listed companies rose sharply in Thursday trading.
Two well-known cannabis retailers with U.S.-listed stock, Tilray Brands (TLRY.O) and Canopy Growth Corp (WEED.TO), saw increases of 22% and 31%, respectively.
The price of the ETFMG Alternative Harvest ETF (MJ.P), which holds stock in a number of cannabis businesses, increased by about 20%.
Biden claimed he was requesting that a study of cannabis’s “scheduling,” or classification, under federal law begin. According to him, it is currently classified higher than fentanyl and methamphetamine and on par with heroin and LSD.
As cannabis became legal in Canada in 2018, shares of Tilray, Canopy Growth Corp, and numerous other cannabis-related businesses skyrocketed, receiving a ton of support from retail investors. After industry businesses failed to grow as quickly as investors had anticipated, that boom has since sharply reversed.
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