Cannabis Stocks Could See Higher Highs

Just days ago, President Biden took executive action to change U.S. policy on the drug, pardoning all prior federal offenses of simple cannabis possession.

Biden also asked federal officials to start a review process of how marijuana is “scheduled”, or classified, under federal law. Presently it falls under the same classification as heroin and LSD and in a higher classification than fentanyl and methamphetamine, as noted by Reuters.

“I am asking the Secretary of Health and Human Services and the Attorney General to initiate the administrative process to review expeditiously how marijuana is scheduled under federal law.  Federal law currently classifies marijuana in Schedule I of the Controlled Substances Act, the classification meant for the most dangerous substances.  This is the same schedule as for heroin and LSD, and even higher than the classification of fentanyl and methamphetamine – the drugs that are driving our overdose epidemic,” said Biden, as quoted by WhiteHouse.gov.

In addition, we have to consider that more Americans support legalization.

According to Gallup, “More than twice as many Americans think that marijuana has a positive impact on its consumers and society at large than say the same about alcohol, according to a new Gallup poll,” reported Marijuana Moment,  “And perhaps more revealing, people who have actually used cannabis are far more likely to tout its positive impacts compared to just a small fraction of alcohol drinkers who feel the same way about their drug of choice.”

Also, more U.S. states just legalized the use of cannabis.

While this is a good start, the issue of federal legalization is still up in the air.