The past week has been an excellent ride for cannabis stocks. Some of the sector’s leading companies have experienced tremendous growth, shooting into the green by impressive amounts. This rally can be partially attributed to the fact that Germany has opted to legalize cannabis nationwide, a policy scheduled to take effect on April 1.
This development is being seen as widely promising, as other nations may follow. But back in the United States, things aren’t looking as good for growers or distributors. Specifically, a group of Republican lawmakers led by Senator Mitt Romney aren’t happy with the Biden administration’s mission of rescheduling cannabis as lower-risk and have sent a letter to the U.S. Drug Enforcement Administration (DEA) raising their concerns.
For cannabis stocks, this development could be problematic. It has the potential to delay the policy change these companies have been waiting for. However, this effort from a group of Republicans doesn’t necessarily mean the DEA will bow to the pressure.
What This Means for Cannabis Stocks
Many cannabis stocks are rising today, even in the face of the anti-cannabis campaign from Romney and his colleagues. Shares of U.S.-based cannabis producers like Curaleaf CURLF, Trulieve Cannabis TCNNF and Green Thumb Industries GTBIF all
