Pot stocks fall as DEA cancels cannabis rescheduling hearing

Canopy Growth

14/01/2025 16:30

(Updates)
    ** Shares of cannabis firms fall as a U.S. Drug Enforcement
Administration (DEA) judge on Monday canceled a hearing to
consider the proposed rescheduling of marijuana from a schedule
I drug to a schedule III drug 
        ** Marijuana's schedule I categorization prohibits most
conventional U.S. banks from doing business with cannabis firms,
despite the drug being legal in dozens of U.S. states
  
    ** Tilray Brands  TLRY.O  falls 1.4% and Cresco Labs  CL.CD 
down 1.5%
    ** Canada-listed shares of Canopy Growth  WEED.TO  down
3.2%, Trulieve Cannabis  TRUL.CD  falls 2.2% and Curaleaf
Holdings  CURA.TO  down 2.9%
    ** John Mulrooney, the DEA administrative law judge,
canceled the scheduled January 21 merit-based hearing and stayed
the proceedings for at least three months
    ** Morningstar analyst Kristoffer Inton says while stock
volatility is not unusual for the sector, the recent fall is an
extension of the decline since November elections "as the market
seems increasingly bearish on rescheduling"
    

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