HHS calls for easing marijuana restrictions (cnbc.com) The HHS announcement was great news for CXXI and the industry. CXXI jumped 25% on just 250K shares traded.
Some observations:
Firstly, it just shows you that a share buyback would make a material difference to the share price without the company spending very much money from the free cashflow. It doesn't take much buying interest to push this stock up materially.
Secondly (but related to the first point), there are no sellers of CXXI shares but a basic lack of buyers. People holding onto CXXI shares seem to be mostly strong long term holders.
Thirdly, the DEA will be doing their review based on the HHS recommendation. They could re-schedule cannabis from schedule 1 to schedule 3 by mid 2024. Wouldn't that be a wet dream for those who are long CXXI and other cannibis stocks.