Cannabis stocks are experiencing a surge in Tuesday's afternoon trading session, fueled by an Associated Press report indicating that the U.S. Drug Enforcement Agency is gearing up to reclassify marijuana as a less dangerous drug. Trulieve (TCNNF) CEO Kim Rivers joins Market Domination to provide insights into the potential implications of this news.
Rivers acknowledges that the reclassification process has been "a long journey," explaining the various steps and approvals the drug has undergone before reaching this stage. However, she remains hopeful that there will be "an official announcement" from the DEA, confirming their agreement with the recommendation to reschedule cannabis, placing it on the same level as Tylenol and codeine. She hails this potential move as "a critical first step for regulatory and policy changes."
Rivers sheds light on the benefits of this regulation, suggesting that it could pave the way for safer banking operations within the cannabis industry, open new pathways for research, and lead to normalization in areas such as taxation.
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