Cannabis stocks spike as VP Kamala Harris urges rescheduling

Marijuana stocks, led by U.S. Multi-State Operators, gained on Friday after Vice President Kamala Harris urged the Drug Enforcement Administration (DEA) to immediately reschedule cannabis to a lower-risk category, indicating the U.S. government’s latest attempt to back the move.

During a meeting with cannabis pardon recipients at the White House on Friday, Harris said it was “absurd” and “patently unfair” that cannabis is classified in the Schedule I category alongside heroin under the Controlled Substances Act (CSA).

“I cannot emphasize enough that they need to get to it as quickly as possible,” Marijuana Moment reported, quoting Harris, who was referring to the ongoing DEA review on cannabis scheduling.

“This issue is stark when one considers the fact that on the schedule currently, marijuana is considered as dangerous as heroin,” Haris noted.

“Marijuana is considered as dangerous as heroin and more dangerous than fentanyl,” she said, adding, “Which is absurd. Not to mention patently unfair.”

U.S. MSOs Curaleaf Holdings (OTCPK:CURLF), Ayr Wellness (OTCQX:AYRWF), Acreage Holdings (OTCQX:ACRHF), Trulieve Cannabis (OTCQX:TCNNF), and Cresco Labs (OTCQX:CRLBF), along with industry benchmark AdvisorShares Pure US Cannabis (MSOS), traded higher as she delivered the remarks.

Other cannabis stocks that indicate strong gains include MedMen Enterprises (OTC:MMNFF), Green Thumb Industries (OTCQX:GTBIF), TerrAscend (OTCQX:TSNDF), and Flora Growth (FLGC).

Canadian Licensed Producers, Canopy Growth (CGC), Tilray (TLRY), Cronos (CRON), Aurora Cannabis (ACB), SNDL Inc. (SNDL), and OrganiGram Holdings (OGI) are also in the green.

Cannabis ETFs: AdvisorShares Pure Cannabis ETF (YOLO), ETFMG Alternative Harvest ETF (MJ), and Amplify Seymour Cannabis ETF (CNBS)

Harris is the latest member of the Biden administration to offer support for cannabis rescheduling. At a congressional hearing on Thursday, Health and Human Services (HHS) Secretary Xavier Becerra defended his department’s recommendation to reschedule marijuana in August.

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