Federal health agency gives cannabis industry a big lift by endorsing looser drug rules for marijuana – By Jonathan Roeder, Riley Griffin and Bloomberg (Fortune) / Aug 30, 2023
Marijuana stocks surged on Wednesday after the US Department of Health and Human Services sent a letter to the Drug Enforcement Agency urging them to loosen rules on cannabis.
The BI Global Cannabis Competitive Peers Index surged as much as 7.5% after the announcement. Tilray Brands Inc. and Canopy Growth Corp. led gains, both advancing at least 19%.
Rachel Levine, the assistant health and human secretary, recommended to the Drug Enforcement Agency that cannabis be classified as a Schedule III drug under the Controlled Substances Act, according to a letter viewed by Bloomberg News.
After a burst of optimism following the election of Joe Biden as president in 2020, pot stocks have been mired in a slump amid delays to changes in cannabis’ status as an illegal drug.
CONTINUE > https://fortune.com/2023/08/30/cannabis-stocks-surge-marijuana-lower-risk-category-hhs/
