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Non-Tech : Marijuana Stocks -- Ignore unavailable to you. Want to Upgrade?

To: kidl who wrote (3446)

10/7/2022 8:41:02 AM

From: kidl

Read Replies (1) | Respond to of 3484

Lighting up

Major cannabis companies all closed markedly higher on Thursday as they appeared to be beneficiaries of comments made by President Biden in regards to a review of marijuana as a Schedule I substance. 38 U.S. states have already legalized pot either medically or recreationally, but it is still illegal in some states and at the federal level. Biden's comments come just a month before the midterm election, and as the Senate contends with the significant marijuana reform measure - the Cannabis Administration and Opportunity Act.

Market movement: Tilray Brands ( TLRY), which will report FQ1 results before the opening bell, rose 31% during the session, while Canopy Growth ( CGC) added 22% on the day. The ascent of Canadian producers was joined by U.S. multi-state operators like Curaleaf ( OTCPK:CURLF) and Trulieve Cannabis ( OTCQX:TCNNF), but keep in mind that the sector can see outsized losses just as fast as it tacked on gains.

President Biden also pardoned 6,500 individuals convicted of "simple marijuana possession," which will apply to federal offenders and those charged in the District of Columbia. "We classify marijuana at the same level as heroin - and more serious than fentanyl. It makes no sense," he said in a statement. "Too many lives have been upended because of our failed approach to marijuana. It's time that we right these wrongs."

Outlook: 1 in 6 Americans are smoking marijuana these days, according to a Gallup poll from the summer, which highlights how the times are rapidly changing. However, annual arrests for marijuana possession still reportedly account for around half of all drug arrests in the U.S. According to cannabis market research firm BDSA, legal weed sales nationwide are expected to increase 7% Y/Y to $27B in 2022, despite an inflationary environment and recession concerns that have dampened consumer spending. ( 36 comments)