Pot firms surge as US move to ease curbs sparks hopes of legalization

  • 📰 Reuters
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Shares of marijuana companies jumped as much as 37% in morning trading on Thursday after a U.S. health agency's proposal to reclassify it as a lower-risk substance boosted expectations of legalization at the federal level.

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.

 

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:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines