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Oct. 7, 2022, 8:01 a.m. EDT

U.S. cannabis stocks continue rallying as investors ponder potential de-scheduling

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By Steve Gelsi


U.S. cannabis stocks continued to move up in pre-market trades on Friday, as the AdvisorShares Pure US Cannabis ETF /zigman2/quotes/220307682/composite MSOS -10.11% jumped another 9% following steep gains in the previous session on comments by President Joe Biden that the U.S. would consider de-scheduling cannabis from its current position as a Schedule 1 narcotic under federal law. Jefferies analysts Owen Bennett said Biden's move to ask the health secretary and attorney general to review cannabis could mark a path to federal re-scheduling without a Congressional action. Along with a potential measure called SAFE Banking to open up the financial system, Bennett said re-scheduling cannabis would, "we believe, be enough to allow for uplistings, and in turn, significant inflows of new institutional capital."

US : U.S.: NYSE Arca
$ 10.05
-1.13 -10.11%
Volume: 5.91M
Dec. 8, 2022 4:00p

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