Cannabis stocks moved higher after US Vice President Kamala Harris on Friday urged the Drug Enforcement Administration (DEA) to reschedule marijuana as a lower-risk drug “as quickly as possible.”
Harris, at a White House meeting with individuals who have received marijuana pardons from the Biden administration, said that it was “absurd” and “patently unfair” that marijuana remains in the same drug category as heroin and is considered more dangerous than fentanyl.
In August 2023, the US Department of Health and Human Services recommended the DEA reschedule marijuana from a Schedule I to a Schedule III drug under the Controlled Substances Act. Following the recommendation, the DEA is conducting a review.
“I cannot emphasize enough that [the DEA] need to get to it as quickly as possible and we need to have a resolution based on their findings and their assessment,” Harris said.
“I’m sure the DEA is working as quickly as possible and will continue to do so, and we look forward to the product of their work.”
Cannabis investors welcomed Harris’ comments, the latest from the Biden administration as it becomes more outspoken about cannabis reform in the lead-up to the election in November.
Leading the gains was Ontario-based Canopy Growth Corporation (TSX:WEED, NYSE:CGC), which added almost 20% at $3.68, followed by Edmonton, Alberta-headquartered Aurora Cannabis Inc (TSX:ACB, NASDAQ:ACB) which saw a 16.7% gain at $3.71 late morning on Monday.
Cresco Labs Inc. (CSE:CL, OTCQX:CRLBF) added 12.7% at $2.13 and Tilray Inc (NASDAQ:TLRY) added 11.5% at $1.93.
Meanwhile, SNDL (NASDAQ:SNDL) was up 6.1% at $1.49, Trulieve Cannabis Corp. (CSE:TRUL) added 4.5% at $11.40, Curaleaf Hldgs Inc. (CSE:CURA, OTCQX:CURLF) was up 4% at $5.16, Green Thumb Industries Inc. (CSE:GTII, OTCQX:GTBIF) saw a 2.8% gain at $13.24, and Jushi Holdings Inc (CSE:JUSH, OTCQX:JUSHF) was up 3% at $0.73.
And in Europe, cannabis beverage producer Nevis Brands (CSE:NEVI)' European listed shares had gained 14.6% at €0.06.