Lexology September 1, 2023
On August 30, 2023, HHS recommended that marijuana be reclassified by the Drug Enforcement Agency (DEA) as a Schedule III substance under the Controlled Substances Act (CSA), according to Bloomberg. This could have an immediate and positive impact on various aspects of the cannabis industry and many cannabis-related businesses (CRBs) operating throughout the United States.
In the two trading days since HHS’s recommendation was announced, stock prices of many of the largest publicly traded cannabis companies jumped up more than 35%.
Below are a few examples of positive effects this could bring to the cannabis industry, which has been battered and bruised of late, as many companies face a capital market environment of decreased equity valuations alongside an increasing interest...
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