Cannabis ETFs get high on DEA reclassification news

The Biden admin is moving to weaken restrictions on cannabis, according to a report by the Associated Press.

Marijuana has been classified as a Schedule I drug (on par with heroin) since the Controlled Substances Act was first signed in 1970.

This change would make cannabis, which is recreationally legal in 24 states, a Schedule III drug (on par with anabolic steroids). The shift, which isn't finalized, would likely give a significant boost to the $35B legal cannabis industry through changes to its tax status.

Cannabis stocks and ETFs soared on the news.

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