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Tilray and Curaleaf Stocks Surge as DEA Considers Reclassifying Marijuana

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The Drug Enforcement Agency said it is considering reclassifying weed as a Schedule 3 drug, rather than as a Schedule 1 substance.

The Drug Enforcement Agency is looking at whether to reclassify marijuana into a less hazardous category, and cannabis stocks are soaring.

The U.S. Department of Health and Human Services wrote to the Drug Enforcement Agency asking for cannabis to be classified as a Schedule III drug, as opposed to its current Schedule I, according to a letter dated Tuesday viewed by Bloomberg News. Schedule I includes substances such as Ecstasy and heroin. Substances in Schedule III include Tylenol with Codeine.

A DEA spokesperson confirmed that the agency has received the letter. “HHS conducted a scientific and medical evaluation for consideration by DEA,” pursuant to a request by President Joe Biden, the spokesperson said Wednesday. “DEA has the final authority to schedule or reschedule a drug under the Controlled Substances Act. DEA will now initiate its review.

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