Cannabis stocks, as measured by the Global Cannabis Stock Index, passed the anniversary a year go when they exploded higher in late August on news that the Department of Health and Human Services had recommended to the DEA that it move cannabis from Schedule 1 to Schedule 3 with a weak month this August. The index had soared on the last day in April, when the DEA shared that it was officially recommending that rescheduling that had been requested, but it plunged in May and moved lower in June. In July and in the first part of August, the GCSI moved higher, but cannabis stocks fell sharply after the DEA announced late on August 26th that it was holding a hearing on December 2nd. For the month, the index was down 7.5% to 8.44:
In 2023, the index ended down 16.5% to 8.11. In Q1, it rose 26.0%, and it was down 15.8% in Q2. The index is still up in 2024, rising 4.1% so far:
Since the peak in February 2021, the Global…
