Pot stocks light up as Biden asks federal officials to review marijuana classification

Green Thumb Industries

06/10/2022 20:48

** Pot stocks climb after U.S. President Joe Biden overhauls
U.S. policy on marijuana and asks review on federal
classification of cannabis
    ** Biden has asked the Attorney General and Secretary Xavier
Becerra to initiate the process of reviewing how marijuana is
scheduled under federal law
    ** Shares of Tilray  TLRY.TO  and Canopy Growth  WEED.TO 
jump 16.4% and 9.8%, respectively, while Curaleaf Holdings
 CURA.CD  climb 14.2%
    ** Green Thumb Industries  GTII.CD  surges 21.6%
    ** Other pot companies Aurora Cannabis  ACB.TO , Cronos
Group  CRON.TO , Hexo Corp  HEXO.TO , Sundial Growers  SNDL.O 
and OrganiGram Holdings  OGI.TO  shoot up between 5.3% and 13%
    ** "We classify marijuana at the same level as heroin – and
more serious than fentanyl. It makes no sense" - Biden
    ** Biden took executive action on Thursday to change U.S.
policy on marijuana, pardoning all prior federal offenses of
simple marijuana possession 
 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))