Pot stocks tracker AdvisorShares Pure US Cannabis ETF soared nearly 17%. It closed 21.2% higher on Wednesday following the news, clocking its best day since Oct. 6, 2022.to the Drug Enforcement Agency, which has the final authority on rescheduling and will now initiate its own review.
The SAFE Banking Act, a crucial legislation that would make it easier for the cannabis industry to access banking services, has failed to secure a Senate vote despite the House of Representatives passing it seven times. "Certainly moving cannabis off of Schedule 1 is the right decision and long overdue. Though a full descheduling would be preferred and likely most appropriate for cannabis," said Patrick Rea, managing director of venture capital firm Poseidon Garden Ventures.
The firm held investments in cannabis retailer and producer Green Thumb, and cannabis data platform Flowhub, according to its website.