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Marijuana stocks reversed recent gains attributed to the DEA’s ongoing rescheduling review on Wednesday after a government official refuted claims about an imminent cannabis-related policy decision.
Cannabis stocks led by U.S. multistate operators have rallied this year as investors hope for a positive outcome from the Drug Enforcement Administration’s (DEA) ongoing review to move marijuana from the Schedule I category to Schedule III of the Controlled Substances Act (CSA).
Rumors about a favorable decision gained momentum after Adrian Snead, an expert in cannabis banking and reforms, said in a LinkedIn post on Tuesday that the Biden administration will likely announce a major cannabis-related policy decision as early as this week.
However, a Biden administration official has disputed the claims, telling industry publication Marijuana Moment that they’d “wave off” the rumors. Further details about the current timeline for a decision were not made available.
U.S. MSOs: MedMen Enterprises (OTC:MMNFF), Curaleaf Holdings (OTCPK:CURLF), Acreage Holdings (OTCQX:ACRHF), Cresco Labs (OTCQX:CRLBF), Green Thumb Industries (OTCQX:GTBIF), Trulieve Cannabis (OTCQX:TCNNF), Ayr Wellness (OTCQX:AYRWF), TerrAscend (OTCQX:TSNDF), Clever Leaves (CLVR), Flora Growth (FLGC)
Cannabis related ETFs: AdvisorShares Pure US Cannabis ETF (MSOS), AdvisorShares Pure Cannabis ETF (YOLO), ETFMG Alternative Harvest ETF (MJ), and Amplify Seymour Cannabis ETF (CNBS), Global X Cannabis ETF (POTX)
Canadian Licensed Producers: Canopy Growth (CGC), Tilray (TLRY), Cronos (CRON), Aurora Cannabis (ACB), SNDL Inc. (SNDL), OrganiGram Holdings (OGI)