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Cannabis Stocks Rally as Biden Administration Initiates Efforts to Reclassify Marijuana

Cannabis Stocks (Credits: CNBC)

Cannabis stocks experienced a serious surge on Tuesday following reports that the Biden administration is set to ease federal restrictions on marijuana.

The anticipated decision by the U.S. Drug Enforcement Administration (DEA) to reclassify marijuana as a Schedule III substance, in line with an opinion from the Department of Health and Human Services, has fueled optimism among investors.

Cannabis (Credits: FOX 2 Detroit)

For over five decades, marijuana has been categorized as a Schedule I substance, a classification shared with substances like methamphetamine and heroin. These substances are defined as having “no currently accepted medical use and a high potential for abuse,” according to the DEA.

However, the proposed reclassification would see marijuana placed in the less restrictive Schedule III category, which includes drugs such as Tylenol with codeine and anabolic steroids. Drugs in this category are considered to have a “moderate to low potential for physical and psychological dependence.”

US President Biden (Credits: WFXR)

The news of the potential reclassification has led to an increase in cannabis stock prices. The AdvisorShares Pure US Cannabis ETF (MSOS) saw a nearly 20% surge in afternoon trading, while the Amplify U.S. Alternative Harvest ETF (MJUS) experienced a similar jump of about 19%.

This surge reflects the positive sentiment among investors regarding the potential implications of the easing of federal restrictions on the cannabis industry.

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