CURLF - Why did Curaleaf stock go up today? Reports Biden supports legalizing cannabis

2023-09-05 16:59:35 ET

Curaleaf ( OTCPK:CURLF ) shares closed 15% higher on Tuesday in the wake of a report that President Biden supports the legalization of marijuana for medical purposes, which reinforces sentiment that the DEA will soon reclassify the drug as a less risky Schedule III substance.

Curaleaf was one of several cannabis stocks to rally Tuesday following the report. Other stocks scoring double-digit gains included Trulieve ( OTCQX:TCNNF ), Cresco Labs ( OTCQX:CRLBF ) and Canopy Growth ( CGC ).

Cannabis stocks like Curaleaf have gained serious ground since last Wednesday, when Bloomberg reported the Department of Health and Human Services had recommended the DEA downgrade marijuana to a Schedule III substance, which would put it on par with drugs like Tylenol with codeine.

Currently cannabis is classified as a Schedule I substance by the DEA, the agency’s most risky category. Other Schedule I drugs include LSD and heroin.

Shares of Curaleaf closed at $4.40 on Tuesday. The stock has risen 64% since last Tuesday.

More on cannabis stocks:

• Cannabis stocks rally amid reports DEA may reclassify drug as less risky
• Canopy Growth Rallies On Possible Rescheduling Of Cannabis: Time To Buy
• MSOS: Cannabis Stocks Soar On HHS Recommendation To Reschedule, Buy These 3 Stocks Now
• Bernstein says reclassifying cannabis as Schedule III not preferred outcome

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