Cannabis Stocks And ETFs Surge As DEA Moves To Reschedule Marijuana
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 30 2024
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Source: Benzinga
DEA's Decision on Cannabis Rescheduling:
- The DEA aligns with the HHS recommendation to move marijuana from Schedule I to Schedule III under the Controlled Substances Act.
- Documents confirm cannabis has medical use and lower abuse potential compared to drugs in Schedules I and II.
Investor Optimism in Cannabis Industry:
- Investors are optimistic about potential regulatory changes benefiting the cannabis sector.
Top US and Canadian Cannabis Stocks:
- Various cannabis stocks like Curaleaf Holdings, Green Thumb Industries, and Canopy Growth Corporation are trading significantly higher.
Best-Performing Cannabis ETFs:
- ETFs such as AdvisorShares Pure US Cannabis ETF and Amplify Alternative Harvest ETF are trading notably higher.
Upcoming Cannabis Capital Conference:
- Benzinga is hosting a Cannabis Capital Conference in October in Chicago for industry insights and networking opportunities.
Analyst Views on CNBS
Wall Street analysts forecast CNBS stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CNBS is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
