TLRY - Cannabis Stocks Rallied After Rescheduling News Investment Management Firm Co-Founder Discusses Impact And Next Steps | Benzinga
Cannabis stocks experienced a notable surge last week following the U.S. Department of Justice’s announcement to propose the reclassification of cannabis from a Schedule I to a Schedule III drug. This decision, long anticipated by market analysts and industry stakeholders, has been described as a game-changer for cannabis companies burdened by stringent regulations and high taxes.
Canopy Growth Led The Surge
The Canadian giant Canopy Growth (NASDAQ:CGC) saw its stock jump in the immediate aftermath of the announcement. The stock has climbed a staggering 115% year-to-date, significantly outpacing its peers in anticipation of regulatory changes. Tilray Brands (NASDAQ:TLRY) and Aurora Cannabis (NASDAQ:ACB) also enjoyed robust gains triggered by the DOJ’s proposal. While Tilray and Aurora’s stocks have since pulled back, the overall cannabis industry outlook remains bullish.
ETF’s Usual Volatility
Following the rescheduling news, ...