MJNA - Cannabis stocks rally amid reports DEA may reclassify drug as less risky

2023-08-30 13:07:07 ET

Cannabis stocks rallied midday Wednesday amid reports that the US government was moving to reclassify the drug to a much lower risk category under the Controlled Substances Act.

Earlier Wednesday, Bloomberg reported that the US Department of Health and Human Services had sent a letter to the US Drug Enforcement Administration recommending that cannabis be reclassified from a Schedule I to a Schedule III drug.

Schedule I drugs are considered to have a high potential for abuse with no currently accepted medical use. The category includes drugs such as heroin and LSD. Schedule III drugs are defined has having low risk for psychological or physical dependence. Schedule III drugs include Tylenol with codeine, ketamine and anabolic steroids, according to the DEA’s website.

Stocks getting a boost from the news were Tilray ( NASDAQ: TLRY ), Canopy Growth ( NASDAQ: CGC ), Aurora Cannabis ( ACB ), Cronos ( CRON ), Village Farms ( VFF ), Curaleaf ( OTCPK:CURLF ), SNDL ( SNDL ) and Medical Marijuana ( OTCPK:MJNA ).

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