DEA sets date for marijuana rescheduling for after election

Drug Enforcement Administration (DEA) officials has set the date for a hearing to possibly reclassify marijuana to a Schedule 1 drug on December 2, after the 2024 presidential election. Cannabis stocks, including Curaleaf (CURLF), Tilray (TLRY), Green Thumb (GTBIF), Cresco Labs (CRLBF), and Verano Holdings (VRNOF), are sliding on this news.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Luke Carberry Mogan.

Video Transcript

By the US drug enforcement administration setting a hearing on his proposal to change the classification of cannabis, but it is coming after the election.

The date is set for December 2nd names in the cannabis space including C leaf and Tre Tell, right?

They are seeing shares under pressure in today's trade.

You can see a lot of red on your screen there right now, significant losses across the board.

Of course, the the issue with this is the timing that we just cited there, there was lots of optimism that maybe we would be able to bypass this, we would be able to get an answer ahead of the election.

Again, the fact that this hearing is set for after the election on December 2nd, that is what is causing concern here for the industry.

Yeah, I saw some analysts weighing in saying scheduling a December hearing delays rescheduling and adds an element of uncertainty to the process and potential timing.

Obviously not a word investors react ever favorably to and we know that they've been waiting a long time for any sort of updates on this.

So again, in terms of the fact that this is likely to be a catalyst for the industry going forward if they ever were to get some sort of resolution on it.