̨ÍåMMÂãÁÄÊÒ

Skip to content

Potential U.S. move sees Canadian cannabis stock skyrocket

Shift happens after reports U.S. Drug Enforcement Agency is moving to reclassify marijuana
web1_20240430130444-6dbf813ff94e241f3e3a20f8c10c99b6bbe4142af53005b91a1d34f76e8c7cda

Canadian cannabis stocks soared Tuesday afternoon after The Associated Press reported the U.S. Drug Enforcement Agency will move to reclassify marijuana as a less dangerous drug.

Canopy Growth Corp. closed up 80 per cent at $20.45, while Aurora Cannabis Inc. and Tilray Brands Inc. closed up 46 per cent and 40 per cent, respectively.

The Associated Press, citing five sources familiar with the matter, reported the DEA’s proposal would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than other, more dangerous drugs.

However, it would not legalize marijuana for recreational use.

Currently, marijuana is listed as a Schedule I drug in the U.S., alongside heroin and LSD, but would be reclassified as a Schedule III drug, alongside ketamine and some anabolic steroids.

The reclassification of the drug in the U.S. could lessen risks for cannabis companies that operate south of the border and potentially improve investor appetite for cannabis stocks.

READ ALSO:

READ ALSO:





(or

̨ÍåMMÂãÁÄÊÒ

) document.head.appendChild(flippScript); window.flippxp = window.flippxp || {run: []}; window.flippxp.run.push(function() { window.flippxp.registerSlot("#flipp-ux-slot-ssdaw212", "Black Press Media Standard", 1281409, [312035]); }); }