Cannabis stocks go sky high after Biden seeks to reclassify weed under federal law
October 7, 2022
President Joe Biden said that he plans to ask the Justice Department and the U.S. Department of Health “to initiate the process of reviewing how marijuana is scheduled under federal law.” Marijuana is currently classified as a Schedule 1 drug, the same classification as opioids. Publicly traded companies in the business of growing and selling cannabis saw their stock prices soar on the news. Mr. Biden also pardoned 6,500 people convicted of simple possession offenses under federal law.
Recent News
Shopify’s Stock Plummets 19% After Earnings Report
Shopify, the Canadian e-commerce company, faced a significant drop in its stock value after releasing its first-quarter results.
Peloton Stocks Soar 14% Amidst Potential Private Equity Buyout
Peloton has been struggling since the pandemic ended. Now, it may be getting a reprieve.
Panera Halts Sales of ‘Charged Sips’ at Heart of Lawsuits
Panera’s Charged Sips allegedly caused two deaths, and now they’re being pulled from the chain’s menus.
Rivian’s Losses Reach $1.45 Billion Amid Ongoing Cost-Reduction Efforts
In the first quarter, Rivian reported a loss of $1.45 billion, showing that its recent efforts to cut costs across the company will need further progress before turning over profits.