Pot stocks surge on news of cannabis rescheduling
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 30 2024
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Source: SeekingAlpha
- Cannabis Stocks Surge: Cannabis-related stocks saw significant gains after reports that the DEA plans to reclassify marijuana as a less dangerous drug.
- Stocks and ETFs Rise: Companies like Curaleaf Holdings, Cresco Labs, and ETFs like AdvisorShares Pure Cannabis ETF recorded double-digit percentage gains.
- Tax Benefits Expected: Reclassifying marijuana could bring tax benefits to cannabis companies and open up opportunities for research.
- Review Process Underway: The DEA is in the process of reviewing the rescheduling recommendation from the U.S. Department of Health and Human Services.
- Potential Implications: Moving marijuana to Schedule III could lead to new federal tax deductions and credits for cannabis businesses.
Analyst Views on MAPS
About MAPS
WM Technology, Inc. operates the online cannabis marketplace for consumers together with a set of eCommerce and compliance software solutions for cannabis businesses, which are sold to retailers and brands in the legalized cannabis markets in states and territories of the United States. The Company’s business primarily consists of its commerce-driven marketplace (Weedmaps), and its fully integrated suite of end-to-end software-as-a-service solutions software offering (Weedmaps for Business). The Weedmaps marketplace provides cannabis consumers with information regarding cannabis retailers and brands. In addition, the Weedmaps marketplace aggregates data from a variety of sources, including retailer point-of-sale solutions, to provide consumers to browse by strain, price, cannabinoids and other information regarding locally available cannabis products, through its Website and mobile apps. Its subscription package includes WM Listings, WM Orders, WM Store, WM Connectors and WM Insights.
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.
