Cannabis Stocks Soar as Biden to Reclassify Marijuana as Schedule III

The Biden administration plans to reclassify marijuana as a Schedule III substance, placing it with drugs like Tylenol with codeine according to four sources. For over 50 years, marijuana has been a Schedule I substance, in the same category as heroin and methamphetamines. Cannabis stocks surged on the otherwise down day for markets, with ETFs like MSOS and MJUS jumping around 19-20%. Curaleaf Holdings and Trulieve Cannabis saw share price increases of 19-30% touching new 52-week highs. Schedule III classification would define marijuana as having a moderate to low potential for dependence.