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On Tuesday cannabis stocks and ETFs started the trading day on a positive note following the release of documents related to the Department of Health and Human Service's (HHS) review of cannabis late last week.
Investors seem optimistic about potential regulatory changes that could benefit the cannabis industry after the Dept. of Health and Human Services (HHS) finally released 252 pages of documents on Friday confirming for the first time that the HHS recommended that the DEA reschedule cannabis from Schedule I to Schedule III under the Controlled Substances Act.
The documents explain that cannabis "has a currently accepted medical use in treatment in the United States" and that it has a "potential for abuse less than the drugs or other substances in Schedules I and II.”
Assistant Secretary for Health Rachel Levine, one of the top officials at HHS wrote a letter dated Aug. 29 to Drug Enforcement Agency administrator Anne Milgram in August calling for marijuana to be reclassified as a Schedule III drug under the Controlled Substances Act.
In an interview with The New York Times, Xavier Becerra, the Secretary of HHS, stated that his department had conveyed their stance and shared their comprehensive scientific review with the DEA in response to President Joe Biden’s scheduling directive.
"We continue to offer them any follow-up, technical information if they have any questions," Becerra said.
While Biden's administration is making progress in cannabis reforms, albeit slowly, one of the top marijuana legalization proponents in Congress is losing his patience.
"I've been working for 50 years leading the effort to end the failed, unfair, cynical, dangerous war on drugs that targeted Black people, that discouraged the illegal use of a therapeutic good—something that could have enriched our economy but instead criminalized behavior," Rep. Earl Blumenauer (D-OR) said in a speech on the House floor last week.
Yet, he highlighted there's still time for the present Congress to bring about rational changes in marijuana legislation, as reported by Marijuana Moment's Kyle Jaeger.
Here's how some of the top US and Canadian cannabis stocks are trading at the moment of writing on Tuesday morning:
Here's how some of the best-performing cannabis ETFs are trading at the moment of writing on Tuesday morning:
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