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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.
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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