Weed stocks added to the week's gains Wednesday following Friday's criticism of marijuana restrictions by Vice President Kamala Harris. Canopy Growth stock led the gains Wednesday while rivals Tilray Brands, Cronos Group and Aurora Cannabis traded higher.
Canopy Growth stock rallied 18.5% Wednesday to mark its fourth straight daily gain. CGC shares spiked more than 47% so far this week, driven by a 20.5% leap Monday. Still, Canopy Growth stock has dropped 11.2% so far this year.
Tilray swung 3.1% higher Wednesday, which puts shares modestly below their 200-day line. TLRY stock jumped 11% Monday, MarketSurge charts show. Tilray has retreated about 14% in 2024.
Cronos stock surged 3% Wednesday morning, adding to its 9% gain for the week through Tuesday's close. CRON stock advanced nearly 10% so far this year. Shares are working up the right side of a cup base with a 2.64 buy point.
Aurora Cannabis jumped 5.5% Wednesday to recover its modest Tuesday decline. ACB stock spiked about 21% on the week but is down nearly 20% in 2024.
The Advisor Pure US Cannabis ETF ticked lower Wednesday after retreating 3.8% Tuesday. MSOS shares have trailed the gains from individual marijuana stocks since VP Harris' comments and are only up 1.3% for the week. Still, the ETF rallied 28.3% so far this year. MSOS is basing with a 10.64 buy point.
VP Harris Calls For Marijuana Reclassification
VP Harris during a White House event Friday called the current federal classification of marijuana "absurd" and urged the Drug Enforcement Administration to expedite rescheduling it as a less-serious drug.
Marijuana at the federal level is a Schedule I drug under the Controlled Substances Act, designating it among the most dangerous drugs with no medical uses and a high abuse potential. Other Schedule I substances include heroin, LSD and ecstasy.
"Nobody should have to go to jail for smoking weed," Harris said at the roundtable event, which included people who received pardons from President Joe Biden for marijuana-related offenses, Kentucky Gov. Andy Beshear (D) and rapper Fat Joe.
"I cannot emphasize enough that they [the DEA] need to get to it as quickly as possible. We need to have a resolution based on their findings and assessment," Harris said. "Marijuana is considered as dangerous as heroin and more dangerous than fentanyl, which is absurd, not to mention patently unfair."
Marijuana proponents hope it will be reclassified to a Schedule III drug, which the Department of Health and Human Services recommended in August. Schedule III drugs are substances with a moderate to low potential for physical or psychological dependence and include ketamine, anabolic steroids and testosterone.
Schedule II drugs like fentanyl, oxycodone, Adderall and Ritalin have some medical uses, but are considered dangerous with a high potential for abuse and dependence. The CSA classes drugs into five categories, with Schedule V drugs having the lowest risk for potential dependence and abuse.
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