02:22 PM EDT, 03/18/2024 (MT Newswires) -- (Updates with additional information in the third paragraph.)
Tilray Brands (TLRY), Canopy Growth (CGC) and Aurora Cannabis (ACB) were among the cannabis stocks that advanced Monday after Vice President Kamala Harris convened a roundtable discussion about marijuana reform at the White House Friday.
Harris said the Biden administration had asked the Department of Health and Human Services and the Department of Justice to reassess the classification of marijuana under the federal drug schedule.
She said it is "absurd" and "patently unfair" that marijuana is currently "considered as dangerous as heroin and more dangerous than fentanyl."
Harris also said tens of thousands of people convicted for simple marijuana possession have been pardoned and a call to action has been issued for states to pardon such an offense.
"Nobody should have to go to jail for smoking weed," Harris said.
Tilray Brands was up more than 13% in recent Monday trading, Canopy Growth rose more than 22% and Aurora Cannabis jumped 18%.
1 hour ago by MT Newswires
02:39 PM EDT, 03/18/2024 (MT Newswires) -- With Q4 cannabis earnings wrapped up, Wedbush is "incrementally more positive" on the fundamental setup headed into 2024, as revenues, margins and cash flow metrics for the leading U.S. MSOs showed broad-based improvement and exceeded expectations exiting the year, which are expected to continue. "While this is encouraging, from an interest and sentiment perspective, the far more important potential catalysts on the docket are Florida adult use legalization and DEA rescheduling, both of which have a legitimate chance to pass in our view and both of which would obviously be transformative to the industry," analyst Gerald Pascarelli writes.
The most near-term is Florida, where an opinion on whether to include adult use cannabis on the 2024 ballot will need to be issued by the Supreme Court no later than April 1. DEA timing remains more of a wildcard.
On Friday, vice president Kamala Harris convened a roundtable discussion about marijuana reform at the White House.