The Department of Justice (DOJ) move to reclassifying cannabis from Schedule I to Schedule III provoked a noticeable uptick in cannabis market activities, as detailed in the latest industry report by Water Tower Research (WTR).
Cannabis ETFs Surge Ahead Of Rescheduling Announcement
According to WTR's report, the U.S. cannabis AdvisorShares Trust AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) rose by 2.89% last week, following $13.3 million in inflows, a spike that notably preceded the DOJ’s announcement. The global AdvisorShares Pure Cannabis ETF (NYSE:YOLO) also saw gains, climbing 3.77%. The proposed policy change, aimed at acknowledging the lesser potential for abuse compared to other controlled substances, has initiated a 60-day comment period, setting the stage for final rule enactment before the Democratic National Convention on August 19.
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Related tickers: GRAM, TCNNF, YOLO, CRLBF, MSOS, GRAMW.
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