Cannabis stocks are on the rise in Tuesday’s afternoon trading session, thanks to news from the Associated Press that the US Drug Enforcement Administration is considering reclassifying marijuana as a less dangerous drug. Trulieve (TCNNF) CEO Kim Rivers spoke with Market Domination about what this could mean for the industry.
Rivers noted that the reclassification process has been a lengthy one, with various approvals needed along the way. She expressed optimism that the DEA will officially announce its agreement to reschedule cannabis, potentially placing it in the same category as over-the-counter medications like Tylenol and codeine. This move, she believes, is a crucial first step towards regulatory and policy changes.
According to Rivers, reclassifying cannabis could improve banking operations within the industry, create new opportunities for research, and bring about changes in areas such as taxation.
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– Angel Smith