Last week, some of you may also have missed the news from the marijuana industry.
Marijuana stocks saw a noticeable uptick on Thursday following a recommendation by the U.S. Department of Health and Human Services (HHS) to reclassify marijuana as a lower-risk drug.
The HHS recommendation, which is part of President Biden's marijuana reform plan, calls for the Drug Enforcement Administration (DEA) to reclassify marijuana from a Schedule I to a Schedule III drug. Schedule I drugs are considered to have the highest potential for abuse and have no approved medical purpose, while Schedule III drugs have a moderate to low potential for abuse and have an approved medical purpose.
However, the DEA has not yet said whether it will accept the recommendation.
Some of Thursday's winners included Canopy Growth $CGC-0.7%, Tilray Brands $TLRY and Cronos Group $CRON+3.4%.
Nice report, I've also seen some action but I'm also holding back. Like, if the legalization thing went through it would be a big deal, but as you write, there's probably a lot that would still have to be accepted around it...the drug just is, but so are other drugs and things in this world. 😊
It needs to be handled sensibly, not just banned and walked away from. We all know that the war on drugs has the opposite effect.
Yes it is, the more bans the more black business will be done and it will go nowhere. Plus, it really is already proven to help, but as you say, it has to be watched and handled sensibly.
It's an interesting sector, but I wouldn't invest in it at the moment. But in a few years to a few decades this sector could be interesting.
I see it the same way.
Cool :D
Too risky a sector to buy stocks for me due to legislation :)
For now, yes, but once the sector stabilizes, we will see how attractive it will be.
The sector has high potential in the long term, unfortunately for investors the laws in many countries are set as they are. I've been watching TLRY for a while, sales are slowly increasing, loss is gradually decreasing, but on the chart we see -95% for the last 5 years.
The uncertainty is huge, but I imagine that in the future, when it's a stable market, I'll be happy to invest in it. Holt it won't be as high profits as it is for the one who times it right.
All those marked companies are rising from the bottom. That's very deep and almost all at all-time lows. The growth here is remarkable thanks to the % ratio, but is anyone investing? Just asking, the information is great and I've been looking at $TLRY in covid. I was thinking about some kind of trader but ended up not going for it.
I, although I find the industry interesting, am staying away from it. As you rightly say, they are rising from their lows, the whole sector is still a big uncertainty, hard to pick winners (more like survivors for now). If I had to pick, I might very marginally pick Altria, but I don't really like that one either, so nothing yet unfortunately. Maybe someday...
Better not risk it. There are plenty of other and better options on the market to put your money in.