{"id":55426,"date":"2023-08-31T17:15:16","date_gmt":"2023-08-31T21:15:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/cannabis-stocks-surge-after-hhs-recommends-classifying-marijuana-as-lower-risk-drug\/"},"modified":"2023-08-31T17:15:19","modified_gmt":"2023-08-31T21:15:19","slug":"cannabis-stocks-surge-after-hhs-recommends-classifying-marijuana-as-lower-risk-drug","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55426","title":{"rendered":"Cannabis Stocks Surge After HHS Recommends Classifying Marijuana As Lower-Risk Drug"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Cannabis companies are rallying for their second day in a row after the Department of Health and Human Services recommended moving marijuana to a less harsh drug schedule\u2014as the drug currently shares the same federal classification as heroin, ecstasy and LSD despite being legal in many states.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Publicly traded companies throughout the cannabis industry reached year-to-date highs after Bloomberg reported the Drug Enforcement Administration received an HHS letter recommending marijuana be rescheduled to a Schedule III drug.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Rescheduling would not fully legalize the drug nationwide, but it would classify it as a substance with moderate to low abuse potential, resulting in less restrictions on scientific marijuana studies and aiding the cannabis industry with lower tax rates.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Pharmaceutical cannabis firm Tilray Brands, which sports a $2 billion market cap, saw its share price climb 11.2% on Thursday and close at $2.96, after trading as low at $1.52 just two months ago.<\/p>\n<p>  <fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>New York-based Curaleaf Holdings\u2019 stock shot up more than 20% Thursday and closed at $3.75, one of its highest trading peaks of the year.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Shares of Green Thumb Industries, a Chicago-based cannabis retailer, reached their highest levels of the year after closing up 11% at $9.30.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Canopy Growth Corporation rocketed up more than 30%, closing at $0.60\u2014though the company is still trading well below the $3.14 share price it boasted earlier this year.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>The DEA confirmed to <em>Forbes <\/em>Wednesday it received the recommendation from the HHS and noted it has final authority on the reschedule. The agency initiated its review yesterday, though it\u2019s unclear how long the process will take. A successful reschedule of marijuana would expand the means of manufacturing and researching marijuana, according to California-based law firm McGlinchey Stafford.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>The reschedule recommendation from the HHS is part of President Joe Biden\u2019s marijuana reform plan announced last year, which called for the HHS and the attorney general to begin the process of evaluating how marijuana is scheduled under federal law. Marijuana is a Schedule 1 drug with no currently accepted medical use and a high abuse potential, according to the Controlled Substance Act\u2019s schedule guide. Despite this harsh treatment under federal law, scores of growers and retailers sell marijuana to recreational and medical customers under the auspices of state law, and the federal government has sent signals for years that it doesn\u2019t plan on cracking down on these companies. Biden accompanied his reform plan with a proclamation pardoning federal convictions of those with marijuana possession offenses.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>HHS Recommends Lower-Risk Designation For Marijuana, Following Biden\u2019s Call For Reform (<em>Forbes<\/em>)<\/p>\n<p>Your Guide To Cannabis Legalization By State (<em>Forbes<\/em>)<\/p>\n<p>The Cannabis 42.0 (<em>Forbes)<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/antoniopequenoiv\/2023\/08\/31\/cannabis-stocks-surge-after-hhs-recommends-classifying-marijuana-as-lower-risk-drug\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Cannabis companies are rallying for their second day in a row after the Department of Health and Human Services recommended moving marijuana to a less harsh drug schedule\u2014as the drug currently shares the same federal classification as heroin, ecstasy and LSD despite being legal in many states. Key Facts Publicly traded companies throughout the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-55426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cannabis Stocks Surge After HHS Recommends Classifying Marijuana As Lower-Risk Drug | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Cannabis companies are rallying for their second day in a row after the Department of Health and Human Services recommended moving marijuana to a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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