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    US Government Reclassifies Marijuana to Less-Restrictive Category

    MT NEWSWIRES2:09 PM ET 5/16/2024

    02:10 PM EDT,05/16/2024(MT Newswires) — (Updates throughout with President Biden's announcement of the marijuana reclassification, DOJ statement)

    The Biden administration on Thursday reclassified marijuana to a less-restrictive category.

    PresidentJoe Bidensaid cannabis is being moved to Schedule III category, which means it has both medical benefits and some potential for abuse, from Schedule I, which is the most severe classification under the Controlled Substances Act.

    "Too many lives have been upended because of our failed approach to marijuana. So today, u/TheJusticeDept is taking the next step to reclassify marijuana from a Schedule I to a Schedule III drug under federal law," Biden said in a post on X.

    In a video message accompanying his post, Biden said Thursday's announcement "builds on the work we've already done to pardon a record number of federal offenses for simple possession of marijuana."

    At Scheduled III category, marijuana's classification was the same as heroin.

    In a statement,The Department of Justicesaid it has submitted a notice of proposed rulemaking to theFederal Registerto initiate a formal rulemaking process for the cannabis reclassification. The procedure also requires notice to the public and an opportunity for comment and an administrative hearing, it said.

    Cannibas Stocks are going to RUN. T L R Y

    US Government Reclassifies Marijuana to Less-Restrictive Category
    byu/LetsBeatTheStreet inwallstreetbets



    Posted by LetsBeatTheStreet

    View 42 Comments

    42 Comments

    4. whodeyalldey1 on

      Obviously you missed the part where we’ve determined weed is as dangerous as heroin! Heroin, Dude! Weed stocks are doomed!

    8. Adult_Prodigy on

      Most importantly of all, the removal of 280E tax restrictions will increase the bottom line of every single one of the U.S. businesses by substantial margins, to the tune of billions of dollars. In the DOJ’s own words:

      “DOJ has concluded that this action may have a significant economic impact on a substantial number of small entities”

      “If marijuana is ultimately transferred to schedule III, section 280E would no longer serve as a statutory bar to claiming deductions for those expenses”

    11. HatsOnTheBeach on

      So i should set a calendar reminder for 55 days from now and buy 1 week calls – got it.

      For those unaware, notice and comment is 60 days. So I assume once it ends, we’ll have big ass news stories on it and it will juice the stock again.

    12. stockbetss on

      Again imma tell u .
      Don’t buy tlry sndl they are meme stocks
      Buy curlf gtibf tccnf msos . Stick with American companies that will benifit from the tax breaks and return profits to share holders . Stick with companies that care about buy backs and expansion .
      Tlry sndl may have a place in the market but it’s deff risky and the ones I listed are safer less volatile and have been green

    13. stockbetss on

      Again imma tell u .
      Don’t buy tlry sndl they are meme stocks
      Buy curlf gtibf tccnf msos . Stick with American companies that will benifit from the tax breaks and return profits to share holders . Stick with companies that care about buy backs and expansion .
      Tlry sndl may have a place in the market but it’s deff risky and the ones I listed are safer less volatile and have been green

    15. Shdwrptr on

      Why is everyone here trying to pump a Canadian weed company over US regulation changes?

    17. Haunting_Ad_6021 on

      Still won’t be able to ship it across state lines or use recreationaly.

    18. PrivateDickDetective on

      So now banks can invest in it. Marlboro already looking for ways to put nicotine in it.

    19. ADynes on

      Meh. I’ve put money into way worse things. I just bought a bunch of MSOS…… let’s see what happens.

    20. wolferd15 on

      And the stocks sold off. Until they are off otc exchanges nothing matters. Manipulated is putting it lightly.

    22. Shapen361 on

      They say buy the rumor, sell the news. MSOS sold off even before the news. I’m not exactly bullish on cannabis stocks.

    23. BrisketWhisperer on

      I ran through a few weed stock a while back and ended up keeping TLRY, not much though, around 300 shares. I feel like now it’s probably not the right one, but hell I’m kind of done with weed stocks, not feeling it.

    26. Ubuiqity on

      It should be de-scheduled completely. This sets the stage for the feds to tax it and the pharmacies to distribute and compete with the current growers and dispensaries. A freebie to the drug industry.

    28. PauliesWalnut on

      “PresidentJoe Bidensaid cannabis is being moved to Schedule III category, which means it has both medical benefits and some potential for abuse, from Schedule I, which is the most severe classification under the Controlled Substances Act.”

      “At Schedule III category, marijuana’s classification was the same as heroin.”

      …OP is a special type of regarded.

    29. andrewbiochem on

      Dumped my portfolio into $MSOS calls. Aiming for that 420% tomorrow, I will get to see my first etf Gamma frfr

    31. jpric155 on

      Bro fuck a bunch of stocks. Most importantly, milliions of human hours have been spent behind bars over this shit.

      Let my people go!

    33. Sandvicheater on

      Too many god damn weed companies and mom and pop stores for even declassification to legal status by the fed for it to make a big impact.

    34. Fuego1050 on

      MSOS ETF: TOP AMERICAN COMPANIES:

      1. ⁠⁠⁠⁠⁠⁠⁠GTBIF – Green Thumb Industries Price: $12.90 Portfolio Weight: 23.05%
      2. ⁠⁠⁠⁠⁠⁠⁠CURLF – Curaleaf Holdings Inc Price: $5.87 Portfolio Weight: 22.84%
      3. ⁠⁠⁠⁠⁠⁠⁠TCNNF – Trulieve Cannabis Price: $11.87 Portfolio Weight: 17.68%
      4. ⁠⁠⁠⁠⁠⁠⁠VRNOF – Verano Holdings Corp Price: $5.60 Portfolio Weight: 14.11%
      5. ⁠⁠⁠⁠⁠⁠⁠CRLBF – Cresco Labs Inc Price: $2.02 Portfolio Weight: 5.61%
      6. ⁠⁠⁠⁠⁠⁠⁠TSNDF – TerrAscend Corp Price: $1.78 Portfolio Weight: 5.52%
      7. ⁠⁠⁠⁠⁠⁠⁠GLASF – Glass House Brands Price: $9.59 Portfolio Weight: 3.47%
      8. ⁠⁠⁠⁠⁠⁠⁠AYRWF – Ayr Wellness Inc Price: $2.55 Portfolio Weight: 2.61%

    36. evotrade on

      I see lots of negative comments on TLRY. There’s not many choices, that’s why. It’s all Canadian stocks because of a loophole nasdaq allowing them to remain on the exchange even though they acquired u.s. assets. It’s low priced, and has squeezed before. They are a real company with plans to expand in the u.s. once rescheduling.

      Disclaimer: yes I may have a position. Why the fuck don’t you?

    37. Mya_Elle_Terego on

      Will this do anything about losing 2nd amendment rights when obtaining a medical card for states with just medical allowed? Thanks, asking for a friend.

    39. audaciousmonk on

      Just decriminalize small amounts nationwide.

      I’m ready to be able to fly with a little flower or my vape pen for my migraines.

      People out here dying or committing all kinds of crimes while drunk as shit. A little pot is substantially less detrimental to the individual and to society

    41. Additional_Action_84 on

      Bottom line…all receeational is still federally illegal…
      It needs to be on par with alcohol for law to catch up to social outlook.

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