Cannabis stocks surge as Biden administration moves to reclassify marijuana

The Biden Administration plans to reclassify marijuana as a Schedule III substance, placing it alongside Tylenol with codeine, anabolic steroids and testosterone, four sources familiar with the decision told NBC News.

Marijuana has been a Schedule I substance for more than 50 years, the same category as heroin and methamphetamines.Trade Roots, a Wareham-based Cannabis dispensary grows cannabis plants for making CBD with THC in their greenhouse, and manufactures CBD products for sale in their shop and distribution to buyers.Cannabis stocks leapt on Tuesday afternoon, buoyed by a Biden administration decision to ease federal restrictions on marijuana.

The U.S. Drug Enforcement Administration is expected to approve an opinion by the Department of Health and Human Services to reclassify marijuana as a Schedule III substance,Marijuana has been labeled a Schedule I substance for more than 50 years, the same as methamphetamine and heroin.

A move to Schedule III would place marijuana alongside Tylenol with codeine and anabolic steroids – that is, "drugs with a moderate to low potential for physical and psychological dependence."

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