US expected to imminently reclassify marijuana as medical drug, cannabis stocks soar
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The news: The US Justice Department is expected to reclassify marijuana from the federal government’s most restrictive drug category as soon as Wednesday Washington time (Thursday AEST), according to media reports.
Axios and Bloomberg reported, each citing a source familiar with the matter, that the substance would move from Schedule I, a class shared with heroin, to Schedule III, reserved for substances with accepted medical uses.
That would put it alongside ketamine and steroids.
According to the reports, the reclassification would not immediately legalise marijuana, nor affect the sentences of those incarcerated for possession.
The numbers: Cannabis stocks surged on the news, triggering volatility halts on Tilray Brands (+15.6%) and the AdvisorShares Pure US Cannabis ETF, which soared nearly 27% after trading resumed.
