Core Viewpoint - The U.S. Drug Enforcement Administration (DEA) announced a proposal hearing on the reclassification of marijuana to a Schedule III drug, scheduled for December 2, which has led to a negative reaction in cannabis stocks as market participants speculate on the potential impact of the upcoming presidential election on this decision [1] Company Responses - Canopy Growth Corp (NASDAQ:CGC) experienced a significant decline of 10.3%, trading at $5.54, marking its lowest level in six months. The stock has been on a downward trend since failing to maintain the $8.50 level after a rally in late March, although it still shows a year-over-year increase of 41.4% [1] - Cronos Group Inc (NASDAQ:CRON) saw a decrease of 3.5%, trading at $2.22. The stock has been in penny stock territory since November 2021, with the 80-day moving average limiting its price movements since June. Over the past three months, CRON has lost 17.2% [1] - Aurora Cannabis Inc (NASDAQ:ACB) also reacted negatively, down 5.1% to $6.15. The stock is testing support at the 40-day moving average, which was established in mid-July, after a recent rally failed to reach the $7.20 level. Despite this, ACB is still up 28.4% in 2024 [2]
3 Weed Stocks Sinking on Reclassification Hearing Update