Cannabis stocks jumped on Friday after Vice President Kamala Harris and Health and Human Services Secretary Xavier Becerra pushed for the Drug Enforcement Administration (DEA) to lower cannabis from its Schedule I classification under the Controlled Substances Act.
Harris criticized the current classification as “absurd” since it’s on the same level as heroin and above fentanyl. Meanwhile, Secretary Becerra reinforced the call for reclassification to reflect cannabis’ moderate-to-low dependency risk, potentially moving it to Schedule III. This would put it in the same class as Tylenol with codeine and ketamine.
This stance comes after the FDA’s scientific review supported such a change, indicating a shift in federal perspective.
Which Cannabis Stock Is Best to Invest In?
Turning to Wall Street, analysts seem to believe that High Tide (NASDAQ:HITI) is the best cannabis stock to invest in due to its 196.15% upside potential. This comes on top of a 59.6% rally over the past year.
