US pot stocks climb as rescheduling of reform inches closer

High Tide

22/07/2024 19:00

** Shares of cannabis firms rise in afternoon trade
    ** Shares of Tilray Brands  TLRY.O  gain as much as 4.1%
    ** Trulieve Cannabis  TRUL.CD , Canopy Growth  WEED.TO ,
Curaleaf Holdings  CURA.TO , Organigram  OGI.TO  rise between
1.6% and 9.1%
    ** ETF AdvisorShares Pure US Cannabis  MSOS.P  gains 5.8%
    ** "Cannabis investors have been focused on regulatory
reform, specifically rescheduling, which is seen as the most
important near-term catalyst for the sector" - Frederico Gomes,
director of institutional research in life sciences at ATB
Capital Markets
    ** The U.S. Justice Department moved to make marijuana use a
less serious federal crime in April, taking a step to remove the
drug from schedule one to schedule three, easing penalties for
possession and use along with enabling more medical research
    ** "Both President (Joe) Biden and Vice President (Kamala)
Harris have publicly expressed support for this change.
Consequently, the potential continuation of this approach may be
a positive signal for further cannabis reform, driving optimism
in the market" - Gomes
    ** Public comment portal to close at Monday midnight for
public to provide feedback on rescheduling 
    
    

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))