Cannabis stocks rally on Biden pardon for pot possession, study of Schedule I status of cannabis

Shares of cannabis companies rallied Thursday after President Joe Biden said he would pardon federal offenders for simple pot possession. Biden also asked for a review on marijuana’s current status as a Schedule 1 controlled substance under U.S. law. U.S. cannabis companies listed on the OTC as well as Canadian cannabis companies moved up sharply. Curaleaf Holdings Inc. jumped 37%, Tilray Brands Inc. rallied 22.8%, Trulieve Cannabis Corp. moved up by 33.8%, Canopy Growth Corp. rose 15.7%, Verano Holdings Corp. rose 9%, and Cresco Labs advanced by 26.4%. The Cannabis ETF rose 3.7% and the AdvisorShares Pure US Cannabis ETF rose 18.7%.

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