Cannabis stocks extend gains on US legalization hopes

Cronos

01/09/2023 12:27

** Shares of cannabis companies rise premarket, extending a
recent surge on hopes of U.S. legalization of marijuana 
    ** The U.S. Department of Health and Human Services (HHS) on
Wednesday recommended easing restrictions on marijuana following
a review request from the Biden Administration last year
    ** HHS is recommending reclassifying marijuana to say it has
a moderate-to-low potential for dependence and a lower abuse
potential, which would put it in a class with ketamine and
testosterone
    ** Reclassifying marijuana as less harmful than drugs like
heroin would be a first step toward wider legalization, a move
backed by a majority of Americans
    ** U.S.-listed shares of Canadian cannabis firms Cronos
Group  CRON.TO   CRON.O , OrganiGram Holdings  OGI.TO   OGI.O ,
Aurora Cannabis  ACB.TO   ACB.O  and Canopy Growth  WEED.TO 
 CGC.O  up between 1% and 11.5% premarket
    ** AdvisorShares Pure US Cannabis ETF  MSOS.N  up 2.8% after
surging 36% in the past two sessions
    ** MSOS down 3.4% YTD    

 (Reporting by Sruthi Shankar)
 ((sruthi.shankar@thomsonreuters.com;))