Here’s What Needs To Happen Next For Marijuana Stocks To Be Uplisted On Major US Exchanges

October 13, 2022 · Benzinga

President Biden’s recent announcement regarding marijuana pardons was a historic step toward cannabis legalization on the federal level. The next one is a review of cannabis’ legal status, said Bloomberg Intelligence analyst Kenneth Shea.

Biden in fact said he would ask the Attorney General and Department of Health and Human Services to review marijuana’s classification under federal law as a Schedule I drug, which happens to be the same as heroin and LSD.

BofA Securities‘ analysts Lisa K. Lewandowski and Bryan D. Spillane said recently that “it does not appear that the president could directly de/re-schedule by executive order.” They instead expect that the Senate’s composition following the elections will set the pace for reform legislation being placed on the floor for a vote.

This is how you can potentially earn $3,000 in extra income every single month…

Former leading hedge-fund trader Chris Capre is the real deal. With his simple options trading strategy, he’s helping thousands of traders by sharing his trade signals in real-time. Click Here to Get his Trades for only $0.99. ⭐⭐⭐⭐⭐ “My only regret is I wish I joined earlier…”

Meanwhile, cannabis stocks spiked following Biden’s announcement though a review of its legal status has the potential to transform those very stocks into initial public offering candidates for major exchanges, Shea said in an interview.

For example, the AdvisorShares Pure US Cannabis ETF 

MSOS jumped 34% the day Biden announced the scheduling review.

Bloomberg’s Shea said that if the Democrats hold a majority in Congress after the midterms, progress toward legalization is a plausible scenario followed by “a subsequent rush of equity capital markets activity.

“There is potential to recognize a market opportunity of up to $80 billion in the US alone and such action would send shockwaves throughout the western world,” he said.

For now, investors are not making any big moves.

“There’s not a lot of institutional buying and trading because they don’t want to be perceived as abetting the industry,” Shea said. “For companies that have sound business models and want to gain respect over time, they need to be uplisted to get the respect and liquidity they need.” Full Story

In category:Stock Market
Next Post

10 Best Psychedelic Stocks to Buy According to Hedge Funds

In this article, we discuss 10 best psychedelic stocks to buy according to hedge funds. If you want to see more stocks in this selection, check out 5 Best Psychedelic Stocks to Buy According to Hedge Funds.  Data Bridge Market Research predicts that…
Random Post

New York Governor Signs Bill Encouraging Businesses To Use Hemp For Construction, Packaging And Other Purposes

As New York prepares for the imminent launch of legal adult-use marijuana sales, the governor has signed a bill aimed at expanding the state’s hemp market by promoting collaborative partnerships to identify more opportunities to utilize the crop and its…
Random Post

Afroman Sued By Police For Using Raid Footage In Music Videos, Social Media

Seven police officers with the Adams County Sheriff’s Department in Ohio are suing the rapper Afroman, legal name Joseph Foreman, over his use of home security footage from a raid they carried out at his house last September, FOX19 reports. The plaintiffs…
Random Post

Top GOP Wisconsin Lawmaker Says Medical Marijuana Deal Isn’t Close, Warning Governor Against Recreational Push

A top Republican Wisconsin lawmaker is pushing back against the idea that the conservative legislature is close to making a deal on medical marijuana legalization, and he’s again warning the Democratic governor against calling for adult-use legalization as part of…
Random Post

Meet Sara Stewart, Cannabis Consumption Lounge Pioneer

Only 34 years old, Sara Stewart has had a fascinating professional life. After working in in the hospitality and event space for about 15 years, the LA-based Stewart has become, in only a few years, a foremost expert on cannabis…
Random Post

From Grower to Shower: What’s Next for Canopy Growth Corporation?

SMITH FALLS, ONTARIO – Canopy Growth Corporation, one of the world’s largest cannabis cultivators and manufacturers, announced plans to lay off 35 percent of its workforce—roughly 800 jobs—in an effort to rebound from its recent CAD $266.7 million (about U.S. $196 million) net…