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Cannabis stocks across North America surged on Tuesday from news that the United States Drug Enforcement Administration (DEA) would be moving cannabis to a Schedule III controlled substance. This move has been on President Joe Biden’s agenda for years, and now, the DEA looks poised to make it, sending shares up by as much as 25%.
What happened?
For over 50 years, cannabis has been scheduled as a Schedule I substance under United States federal law. For reference, this is the same category as substances such as heroin or methamphetamines.
Rescheduling the drug to a Schedule III class-action would put cannabis in the same area as other “moderate to low potential for physical and psychological dependence” substances. These items would include drugs such as Tylenol with codeine or anabolic steroids.
It was the largest policy move by the Drug Enforcement Administration (DEA) since 1970, and honestly, the…
