It’ll last until the middle of next week ( if that long) until all the $ people slowly work out these things take time and the smart ones will have just taken the profit in the trade rather than anything to actually do with cannabis…… and the underlying metrics.. well we all know about that!
Forbes
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—as the drug currently shares the same federal classification as heroin, ecstasy and LSD despite being legal in many states.
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.
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.
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.
New York-based Curaleaf Holdings’ stock shot up more than 20% Thursday and closed at $3.75, one of its highest trading peaks of the year.
Shares of Green Thumb Industries, a Chicago-based cannabis retailer, reached their highest levels of the year after closing up 11% at $9.30.
Canopy Growth Corporation rocketed up more than 30%, closing at $0.60—though the company is still trading well below the $3.14 share price it boasted earlier this year.
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Sean Hocking
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