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

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.

New Chapter In Merger Court Battle Among These Two Cannabis Companies

Goodness Growth Holdings, Inc. Has taken legal action against Verano Holdings Corp. Verano terminated a share exchange agreement with Goodness Growth in October 2022. The company is seeking $860.9 million in damages for alleged breach of contract. The case concerns Verano's termination of a deal to acquire Goodness growth's capital stock in mid-2022.

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.

Verano Expands Connecticut Presence with New Dispensary

A $25.5M Opportunity: 23 Marijuana Brands Compete For New Jersey's Budding Pre-Roll Market

New Jersey saw a 23% increase in overall cannabis revenue in the last quarter of 2023. Pre-roll sales specifically rose by 8%, reaching a total of $25.5 million. The New Jersey cannabis market has just 23 active brands in the pre-roll segment.

Verano Strengthens Connecticut Retail Footprint with the Opening of Zen Leaf Naugatuck, the Company’s Third Social Equity Joint Venture Location and Fifth Dispensary Statewide

Verano Holdings Corp. Announces the grand opening of Zen Leaf Naugatuck, the Company’s third social equity joint venture location in Connecticut and fifth cannabis dispensary statewide. Zen Leaf will host a grand opening on Friday, May 3rd, in Waterbury, Connecticut.

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.

Pot stocks rally snuffed day after DEA marijuana rescheduling development

Consumer pot stocks rally snuffed day after DEA marijuana rescheduling development. U.S. Multi-state operators hardest hit are Ayr Wellness and Trulieve Cannabis. Canopy Growth is the worst performer, down 29%. Most Canadian cannabis licensed producers are also struggling.

OMB review of cannabis rescheduling could put measure at risk

White House Office of Management and Budget review of cannabis rescheduling could scuttle the reform. Review could take 70 days to complete. The DEA's likely reclassification of marijuana from a Class I to a Class III controlled substance could be delayed until after the election.

MSOS: Best Play On U.S. Cannabis Regulations

The DEA is rescheduling marijuana from Schedule I to Schedule III. Rescheduling cannabis would allow U.S. Cannabis operators to take federal tax deductions, potentially saving them millions in taxes. The AdvisorShares Pure US Cannabis ETF is the best way to play the unlocking of the cannabis market. The cannabis space finally got some good news on government regulations. Canadian cannabis stocks may not directly benefit from the changes in regulations and may not be a reliable investment option.

Cannabis Stocks And ETFs Surge As DEA Moves To Reschedule Marijuana

The DEA moved marijuana from Schedule I to Schedule III under the Controlled Substances Act. The DEA's decision aligns with a recommendation from the Department of Health and Human Services to reschedule cannabis. The cannabis sector saw a notable upswing on Tuesday after the announcement.

Pot stocks surge on news of cannabis rescheduling

Pot stocks surge on news of cannabis rescheduling. The DEA is set to reclassify marijuana as a less dangerous drug. U.S. Multi-state operators have recorded double-digit percentage gains. Cannabis-related stocks rose sharply higher in afternoon trading Tuesday.

US drug control agency to reschedule marijuana: AP

The DEA is set to reclassify marijuana as a less dangerous drug, the Associated Press reports. The drug is currently categorized under Schedule I alongside dangerous drugs like heroin and LSD. If approved, cannabis will be part of Schedule III, reserved for medications like ketamine and Tylenol.