Written by Amy Legate-Wolfe at The Motley Fool Canada
It seems as though Canadian investors could be looking at pot stocks 2.0 in the near future. That market likely came back on many investor radars this week as Canadian pot stocks jumped by as much as 80%! And yet, it all comes down to news across the border. So let’s get into what’s going on, and if investors should get in, or get out.
What happened
The big news came as reports were released that the Drug Enforcement Administration (DEA) would be reclassifying marijuana as a less dangerous drug. After 50 years of having cannabis scheduled as a Schedule I narcotic, the substance would drop down to a Schedule III.
This is enormous. Right now, cannabis is listed with the likes of heroin. By dropping down to Schedule III, this would put it in the same territory as Tylenol with codeine. Furthermore, the proposal by the DEA would recognize the medical uses for…
