Cannabis Stocks Soar As Gov Health Officials Call On DEA To Reschedule Marijuana: Is Legalization In Sight?

The Department of Health and Human Services is recommending to the Drug Enforcement Administration that cannabis should be reclassified as a Schedule III controlled substance under federal law, according to a report by Bloomberg on Wednesday. Currently, cannabis is a Schedule I drug, which deems it has no medical value and places it in the same class as dangerous drugs like heroin.

Assistant Secretary for Health Rachel Levine, reported Bloomberg, said in a letter that her recommendation was based on a Food and Drug Administration review of marijuana’s classification, as promised following President Biden’s October pardon of federal offenses of simple possession. Around that time, Biden asked the HHS secretary and the U.S. Attorney General to undertake a review of how marijuana is scheduled under federal law.

The promise of getting cannabis out of the dreaded Schedule I status sent cannabis stocks zooming in a much-needed rally.

AdviserShares Pure US Cannabis ETF (ARCA: MSOS) is up 19.38% at the time of this writing. TheETFMG Alternative Harvest ETF (ARCA: MJUS) up 12.05%.

Cannabis stocks are also on a ride.

• Canopy Growth Corporation CGC up 14.99%
• Curaleaf Holdings, Inc. CURLF up 15.24%
• Tilray, Inc. TLRY up 8.96%
• Cresco Labs, Inc. CRLBF a whopping 19.12^
• Green Thumb Industries Inc. GTBIF 18.84
• Trulieve Cannabis Corp. TCNNF 18.41%

Join us at the upcoming Benzinga Cannabis Capital Conference in Chicago on September 27 and 28 where you'll meet the CEOs and other team members of these marijuana companies. And, who knows...maybe we'll be looking at an entirely different landscape for cannabis in terms of legalization, cannabis banking, cannabis investing and all that this booming industry deserves.

All information is available on bzcannabis.com Benzinga Cannabis Capital