Pot stocks drop, after surging to months high following marijuana reclassification move

Green Thumb Industries

01/05/2024 17:14

** Pot stocks drop after surging to months high on Tuesday,
after U.S. DOJ moved to reclassify cannabis as a less dangerous
drug
    ** Morningstar analyst Kristoffer Inton says it may be due
to "people taking money off the table given how much the stocks
went up"
    ** Adds that Tuesday's "announcement is just a step in a
multi-step process, there's a lot left for the rescheduling to
happen"
    ** Pot firms Canopy Growth  WEED.TO  and Aurora Cannabis
 ACB.TO  down 21% and 27%, respectively
    ** Cresco Labs  CL.CD  , Jushi Holdings  JUSH.CD , Ayr
Wellness  AYRa.CD , Green Thumb  GTII.CD  and Trulieve Cannabis
 TRUL.CD  down between 6.7% and 13%
    ** Nasdaq-listed Tilray Brands  TLRY.O  falls 17%
    ** ETF AdvisorShares Pure US Cannabis  MSOS.P  down 8.5%
    ** MSOS, which climbed 29% over the last five days, closed
at a 52-week high yesterday, according to Beacon Research

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))