Cannabis stocks rise on call to lower marijuana risk category

  • 📰 denverpost
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 72%

Business News News

Business Business Latest News,Business Business Headlines

Marijuana stocks surged on Wednesday after the Drug Enforcement Agency said it would review its classification of cannabis following a letter from the US Department of Health and Human Services tha…

By Carmen Reinicke and Riley Griffin

Assistant Secretary for Health Rachel Levine 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. A DEA spokesperson confirmed the department had received the letter and the agency will initiate its own review.

A Schedule III rating would remove some burden from US operators, Stifel analyst W. Andrew Carter wrote in a note. Colorado Leads, an alliance of cannabis business leaders, calls the recommendation by HHS “a historic step toward federal cannabis policy reform,” said Chuck Smith, president of the board of directors, in a Wednesday statement.

Truman Bradley, executive director of the latter organization, argued that cannabis would still be considered illegal by the federal government, meaning “consumers and patients can still be criminally punished.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pot stocks rally after health officials ask DEA to reclassify marijuana as lower-risk drugAssistant Secretary for Health Rachel Levine reportedly requested in a letter to DEA Administrator Anne Milgram that marijuana be downgraded to a schedule III substance.
Source: FoxBusiness - 🏆 458. / 53 Read more »

HHS calls for easing restrictions on marijuana, sending cannabis stocks higherThat move could potentially expand the market for cannabis, sending shares of Canopy Growth, Tilray Brands and Cronos Group higher.
Source: NBCLA - 🏆 319. / 59 Read more »