Marijuana Stock Movers For May 7, 2024

Kaya Holdings shares closed up 51.29% at $0.05. Target Group (OTC:CBDY) shares closed down 33.33%. Kaya Holdings is one of several cannabis companies with shares closing up in the last day. Tilray Brands (NASDAQ:TLRY) closed down 3.41%.

DEA head refuses to comment on marijuana rescheduling amid rulemaking process

Cannabis Workers In L.A. Join Teamsters To Improve Pay, Working Conditions And Have A Voice

Workers at the Cannabist Company in North Hollywood and Studio City, Los Angeles voted overwhelmingly to join Teamsters Local 630. The 60 new Teamsters work as budtenders at both locations. Cannabis workers voted to organize to improve their pay and working conditions. Teamsters have been working to unionize workers in the cannabis industry.

Big Players In U.S. Cannabis Could Play The Stock-Value Card In M&A, New Report Shows

A recent report from Viridian Capital Advisors suggests a significant uptick in mergers and acquisitions in the cannabis industry. The report notes the valuation gap between Tier 1 multi-state operators and smaller entities has widened to a three-year high. A growing differential in the cost of capital also favors the larger companies. The DEA has announced plans to reschedule cannabis to Schedule 3.

Bullish Monday For Marijuana Stocks - Target Group, Item 9 Labs Among Top Gainers

Target Group (OTC:CBDY) shares closed up 50.00% at $0.00. Heritage Cannabis Holding shares up 25.00%. Global Hemp Group shares closed down 31.67% in the last trading day. Other companies in the cannabis sector closed down as well.

Here's How Cresco Labs (CRLBF) is Placed Before Q1 Earnings

Weekly Report: what happened at CRLBF last week (0429-0503)?

Up 100% YTD, Is Canopy Growth Stock Overbought?

Canopy Growth stock has more than doubled in 2024, but still trades 46% below its 52-week highs. The U.S. Drug Enforcement Administration might reclassify marijuana as a less dangerous drug in 2024. Canopy Growth is among the largest cannabis producers in Canada, but has yet to report consistent profits. The company is a high-risk investment option, given its weak financials.

Cannabis businesses subject to federal marijuana laws under rescheduling - CRS

Cannabis businesses subject to federal marijuana laws under rescheduling. The DEA is poised to move marijuana from a Schedule I to a Schedule III controlled substance. The Congressional Research Service says cannabis businesses would still be subject to marijuana laws. These companies face other potential legal ramifications.

Green Thumb Industries Is No Longer A Sell

Green Thumb Industries (GTI) stock is being upgraded to Neutral after the DEA announced potential rescheduling of cannabis. Rescheduling cannabis could lead to the end of 280E taxation, improving net income for American cannabis companies. GTI's Q1 financials are projected to show an 8% increase in revenue. The stock is up in 2024, 16.9%.

BTIG sees "murky" road ahead for cannabis reclassification

Healthcare BTIG sees "murky" road ahead for cannabis reclassification. White House to propose that marijuana be reclassified as a less dangerous drug. But BTIG says the process will likely face delays due to legal challenges and lack of clarity on implementation. The cannabis industry has much to gain by having cannabis reclassified from a Schedule I substance to a Schedule III.

Cannabis Continues Powering To Big Gains With Historic DEA Rescheduling

US Drug Enforcement Administration will reschedule cannabis from a Schedule 1 drug to a Schedule 3. The proposed rescheduling of cannabis is the biggest step forward for the cannabis industry in decades. Most cannabis companies will see immediate financial and operational benefits from the move. Cannabis has been in a bull market since last August.

Credit Check: What Does DEA Rescheduling Mean For Cannabis Credit Ratings? Big Companies' Risk-Return Profiles

The DEA's decision to reschedule cannabis to Schedule III has triggered notable volatility in the market valuations of multi-state operators. Viridian Capital Advisors' analysis says several MSOs are navigating different financial paths post-DEA rescheduling. The MSO index surged by 25% immediately after the announcement.

Marijuana opposition group raising money to fight cannabis rescheduling

Anti-marijuana reform group raising money to fight cannabis rescheduling. Smart Approaches to Marijuana opposes the DEA's reported decision to reschedule cannabis as a less dangerous drug. The group says the move would give Big Marijuana billions in tax write-offs. The proposed rescheduled cannabis still needs to go through White House review.

Cannabis banking reform bolstered by new poll

A new poll commissioned by a banking group finds that a majority of Americans support legislation that would allow cannabis businesses to access the U.S. Financial system. 64% of Americans say the legislation would help improve public safety. 54% say opening the banking system to cannabis businesses would help underserved communities.

Teamsters Unionize Cannabis Workers At Another Cresco Labs' Dispensary In Illinois, 'It Feels Good'

Cannabis workers at Sunnyside, a subsidiary of Cresco Labs in River North, Illinois, voted overwhelmingly to join Teamsters Local 777. The River North dispensary is the sixth location to organize with the Teamsters. The cannabis workers are the sixth to join Local 777 in Illinois.

Marijuana Stock Movers For May 1, 2024

Global Hemp Group shares closed up 86.36% at $0.04. AusCann Group Holdings (OTC:ACNNF) shares closed down 69.60%. Canopy Gwth shares down 25.67%. Cronos Group (NASDAQ:CRON) shares down 7.82%.

DEA Moves To Reschedule Weed, Cannabis Stocks Go For Wild Ride, Pummel Short Sellers With $210M In Losses

Cannabis stocks soared on Tuesday after the DEA announced plans to move marijuana from Schedule I to Schedule III. Short sellers with positions against the top 10 cannabis company stocks took up to $210 million in losses. The expected changes in the tax law will allow cannabis companies to write off standard deductions.

Schumer eyes more cannabis reforms after ‘historic’ marijuana rescheduling decision

Senate Majority Leader Chuck Schumer says he remains committed to even more cannabis reforms. The U.S. Drug Enforcement Administration announced it plans to reclassify marijuana to a less restrictive category called Schedule III. The decision falls short of marijuana legalization, a cause Schumer has long championed.

BUZZ-Pot stocks drop, after surging to months high following marijuana reclassification move

Pot stocks drop after surging to months high following marijuana reclassification move. U.S. DOJ moved to reclassify cannabis as a less dangerous drug on Tuesday. Pot firms Canopy Growth and Aurora Cannabis down 21% and 27%. Morningstar analyst says drop may be due to people taking money off the table.