Marijuana stocks soar as Biden administration considers reclassifying cannabis

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Trade Roots, a Wareham-based Cannabis dispensary, is making waves in the industry by growing cannabis plants for CBD production with THC in their greenhouse. They also manufacture and distribute high-quality CBD products to buyers in their shop. This type of innovation is what sets Trade Roots apart in the competitive cannabis market.

Recently, cannabis stocks experienced a significant uptick in response to a Biden administration decision to ease federal restrictions on marijuana. The U.S. Drug Enforcement Administration is poised to reclassify marijuana as a Schedule III substance, aligning it with drugs like Tylenol with codeine and anabolic steroids. This move represents a significant shift from its current classification as a Schedule I substance, putting it in the same category as methamphetamine and heroin.

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Investors have taken notice of this development, with cannabis ETFs like the AdvisorShares Pure US Cannabis ETF (MSOS) and Amplify U.S. Alternative Harvest ETF (MJUS) surging nearly 20% in afternoon trading. This change in classification could have far-reaching implications for the cannabis industry and its investors.

Check out the 1-day performance of MJUS above.

Notably, individual marijuana stocks with smaller market capitalizations also experienced a boost. Companies like Curaleaf Holdings and Trulieve Cannabis saw significant gains, signaling a positive trend for the industry as a whole.

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