Cannabis stocks surged Monday after Vice President Kamala Harris called on the Drug Enforcement Administration (DEA) to reschedule marijuana “as quickly as possible.” Cannabis is currently a Schedule 1 narcotic, the same classification as heroin, a point Harris called “absurd” and “patently unfair.”
In a meeting at the White House with a group who had received pardons for various marijuana-related charges, Harris made special mention of the administration’s efforts into rescheduling marijuana, including the directive that resulted in the U.S. Department of Health and Human Services recommending that the DEA change marijuana’s label under the Controlled Substances Act (CSA).
“I cannot emphasize enough that they need to get to it as quickly as possible,” Harris said of the ongoing scheduling review. “And we need to have a resolution based on their findings and their assessment.”
At this point, federal cannabis laws are at odds with various state provisions decriminalizing or outright legalizing the plant for medical and recreational use.
“Nobody should have to go to jail for smoking weed. And what we need to do is recognize that far too many people have been sent to jail for simple marijuana possession,” Harris said.
Cannabis Stocks Climb on Hopeful Policy Remarks
Cannabis stocks closed well in the green Monday, with most major marijuana companies enjoying strong gains to start the week.
Canopy Growth (NASDAQ:CGC) and Aurora Cannabis (NASDAQ:ACB) proved the big winners, closing in the green 20% and 16%, respectively, following Harris’ hopeful comments. Tilray (NASDAQ:TLRY) wasn’t far behind, adding about 11% to its share price on Monday.
Sundial (NASDAQ:SNDL) had the most minor gains, comparatively speaking. SNDL closed up about 6.5%.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
