High Times for Cannabis as United States DEA to Reclassify Marijuana to Schedule III Substance

Cannabis stocks took off on recent news announced by the US government that marijuana will be reclassified to a Schedule III substance an equivalent to Tylenol with codeine, anabolic steroids and testosterone. For more than 50 years, marijuana had been a Schedule I substance alongside heroin and methamphetamines. The DEA’s proposal still needs to be reviewed by the White House Office of Management and Budget. Once the OMB has approved, the DEA will take public comment on its plan to reschedule.

While the market has otherwise been down, pot stocks are climbing as PRISM Emerging Cannabis Index companies are making green gains on the day. Canopy Growth (CGC) leads the index up over 60% as Leafly Holdings (LFLY), Tilray Brands (TLRY) and Trulieve (TCNNF) are up between 30% – 50%.