May 16, 2024 - by Ashlee Vogenthaler

Cannabis Stocks Moving as DOJ Announces Plans on Formalizing Reclassification Process

16 May 2024

New York, May 16, 2024 - PRISM MarketView - The PRISM Emerging Cannabis Index currently does not have a single detractor as shares of cannabis stock are on the rise which is likely related to the recent announcement by the Department of Justice (DOJ). The DOJ has taken a major step in its commitment to reschedule marijuana to a lower-risk drug by announcing the formalization of its process.

Emerging Cannabis Stock Index | List of Cannabis Stocks

The PRISM Emerging Cannabis Index tracks small/micro-cap stocks that are developing or marketing medical or legal marijuana products. Please note the default di

Justice Department takes 'major step' toward rescheduling marijuana

President Joe Biden's Justice Department took a significant step toward rescheduling marijuana as lower-risk and remove it from Schedule I.

The Drug Enforcement Administration (DEA) has submitted a notice of proposed rulemaking in the Federal Register this afternoon, triggering a 60-day comment period that will allow members of the public to submit remarks regarding the rescheduling proposal before it is finalized. In its first 30 days, parties can request a hearing regarding the declassification proposal. Once the DEA reviews all public comments and hearings, it will issue a final order to reschedule marijuana. The process in its entirety could take anywhere from a few months to a year.

Upon its rescheduling, many new benefits and potential opportunities will be presented. Federal scientists will be able to research and study the medical benefits of cannabis, pharma companies may get involved in selling and distributing the drug in states where legal, and the cannabis industry could thrive as significant tax burdens for businesses would be eliminated.

Currently, Cleaver Leaves Holdings, (CLVR), Canopy Growth (CGC) and Ayr Wellness (AYRWF) are leading the PRISM Index.

Clever Leaves Holdings Inc. - Prism MarketView

Clever Leaves is a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids. Its operations in Colombia produce cannabinoid act

Canopy Growth Corporation - Prism MarketView

Canopy is a global, best-in-class cannabis company and CPG organization with the intention to unleash the power of cannabis to improve lives. From expanding per

Ayr Wellness Inc. - Prism MarketView

AYR Wellness Inc. ("AYR") is an expanding vertically integrated, U.S. multi-state cannabis operator, focused on becoming the most trusted source of high quali

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