Weed stocks pop as Biden backs marijuana reclassification

#yahoofinance #cannabis #weed #biden

Cannabis stocks are rising after President Joe Biden publicly endorsed the Justice Department's recommendation to loosen restrictions on marijuana, reclassified from a Schedule I to a Schedule III drug. Poseidon Investment Management co-founder Emily Paxhia joins Market Domination to break down the news. "Today's step is another historic step moving forward," Paxhia says. "I think anything around cannabis reform has been very difficult for the past 10 years plus, obviously, and so anything that's working through an ordinary process and following the steps as it should is very confirmatory," she adds. As the US enters a 60-day commitment period, Paxhia has already seen some changes: "We've seen increasing volumes in the top names in the industry." However, she notes that rescheduling "does not change certain structural components to our markets, such as access to the exchanges." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Melanie Riehl

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