Last week, some of you may also have missed the news from the marijuana industry.
Marijuana stocks saw a noticeable uptick on Thursday following a recommendation by the U.S. Department of Health and Human Services (HHS) to reclassify marijuana as a lower-risk drug.
The HHS recommendation, which is part of President Biden's marijuana reform plan, calls for the Drug Enforcement Administration (DEA) to reclassify marijuana from a Schedule I to a Schedule III drug. Schedule I drugs are considered to have the highest potential for abuse and have no approved medical purpose, while Schedule III drugs have a moderate to low potential for abuse and have an approved medical purpose.
However, the DEA has not yet said whether it will accept the recommendation.
Some of Thursday's winners included Canopy Growth $CGC+3.7%, Tilray Brands $TLRY+4.8% and Cronos Group $CRON+2.2%.
Nice report, I've also seen some action but I'm also holding back. Like, if the legalization thing went through it would be a big deal, but as you write, there's probably a lot that would still have to be accepted around it...the drug just is, but so are other drugs and things in this world. 😊
It's an interesting sector, but I wouldn't invest in it at the moment. But in a few years to a few decades this sector could be interesting.
Too risky a sector to buy stocks for me due to legislation :)
The sector has high potential in the long term, unfortunately for investors the laws in many countries are set as they are. I've been watching TLRY for a while, sales are slowly increasing, loss is gradually decreasing, but on the chart we see -95% for the last 5 years.
All those marked companies are rising from the bottom. That's very deep and almost all at all-time lows. The growth here is remarkable thanks to the % ratio, but is anyone investing? Just asking, the information is great and I've been looking at $TLRY+4.8% in covid. I was thinking about some kind of trader but ended up not going for it.