Cannabis companies and legalization advocates are applauding President Joe Biden's Thursday announcement that formalizes the rescheduling process that will finally move cannabis from the DEA's Schedule I to Schedule III.
"This change represents a major leap forward and an opportunity to correct a long-standing wrong which has disproportionally impacted marginalized communities, inhibited research, and restrained the responsible growth of the U.S. cannabis industry," said David Klein, CEO of Canopy Growth (NASDAQ:CGC).
“In addition to setting an important precedent and paving the way for additional reform including full legalization, rescheduling is especially significant as it provides an immediate and significant improvement to the cashflow of all state-legal cannabis businesses including those within Canopy USA."
Kim Rivers, CEO of Trulieve (OTCQX:TCNNF), didn’t hold back. “Today is historic!” she said.
"Today is historic! Cannabis is moving to schedule III. We applaud the President and his administration for making federal cannabis reform a priority." – CEO @rivers_kim pic.twitter.com/afZV4smOby
— Trulieve (@Trulieve) May 16, 2024
The transformative news for the cannabis market comes ahead of Benzinga’s Cannabis Capital Conference, which returns to Chicago Oct. 8-9.
David Hart, CEO of The Cannabist Company (OTC:CBSTF), one of the largest ...Full story available on Benzinga.com
Related tickers: CGC, IMCC, ACB, MJ, TLRY, TCNNF, MSOS, LFLY, CBSTF.
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