Cannabis stocks surged on Tuesday afternoon following multiple media reports that the US Drug Enforcement Administration will approve the reclassification of marijuana as a lower-risk drug.
The news was first reported by the Associated Press, which cited five people familiar with the matter.
The DEA reportedly will approve a recommendation from the Department of Health and Human Services that would reclassify marijuana from Schedule 1, where it sits alongside heroin and LSD, to Schedule 3, like testosterone and codeine.
A Biden administration official told media the Justice Department “continues to work on this rule.”
The move would be significant as it would mark the first time the US government has acknowledged the plant’s potential medical benefits by facilitating its research.
Move de-risks cannabis investment
The CEO of cannabis beverage business Nevis Brands (CSE:NEVI, OTCQB:PSCBF) John Kueber told Proactive…
