(This story has been updated to include closing share prices.)
Cannabis stocks surged Tuesday afternoon on the news that the U.S. Drug Enforcement Administration (DEA) intends to reclassify marijuana to Schedule 3 of the Controlled Substances Act.
The AdvisorShares Pure US Cannabis ETF, which tracks U.S. marijuana companies, jumped by roughly 26% within minutes of an Associated Press report, as shares of individual multistate operators defied gravity.
ADVERTISEMENT
Shares of the exchange-traded fund closed at $11.26, up almost 25% for the day.
The rally wasn’t limited to U.S. cannabis shares, either.
Nasdaq-traded shares of Canadian cannabis company Canopy Growth Corp., which is working to enter the United States via a holding company, closed up nearly 79% at $14.88.
Shares of other plant-touching Canadian companies,
Read full article on Marijuana Business Daily
