Pot stocks fall after DEA hearing on marijuana reclassification begins

Canopy Growth

02/12/2024 15:30

** Shares of cannabis firms fall after U.S. Drug Enforcement
Administration's (DEA) preliminary hearing on marijuana
rescheduling proposal begins
    ** Tilray Brands  TLRY.O  falls 1.1% and U.S.-listed shares
of Cronos Group  CRON.O  falls 1.9%
    ** Toronto-listed shares of Canopy Growth  WEED.TO  falls
1.3% and Trulieve Cannabis  TRUL.CD  falls 0.5%
    ** Last week, DEA said the hearing "will serve as a
procedural day to address legal and logistical issues and
discuss future dates for the evidentiary hearing on the merits";
the agency said no witness testimony will be heard
    ** Despite marijuana being legal in dozens of U.S. states,
federal law categorizes it as a schedule I drug and prohibits
most conventional U.S. banks from doing business with cannabis
firms

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))