Cannabis stocks rally on Biden pardon for pot possession, study of Schedule I status of cannabis

Shares of cannabis companies rallied Thursday after President Joe Biden said he would pardon federal offenders for simple pot possession. Biden also asked for a review on marijuana’s current status as a Schedule 1 controlled substance under U.S. law. U.S. cannabis companies listed on the OTC as well as Canadian cannabis companies moved up sharply. Curaleaf Holdings Inc. CURLF, +33.12% jumped 37%, Tilray Brands Inc. TLRY, +30.87% rallied 22.8%, Trulieve Cannabis Corp. TCNNF, +36.02% moved up by 33.8%, Canopy Growth Corp. CGC, +22.15% rose 15.7%, Verano Holdings Corp. VRNO, +31.00% VRNOF, +31.28% rose 9%, and Cresco Labs CRLBF, +24.37% advanced by 26.4%. The Cannabis ETF THCX, +13.04% rose 3.7% and the AdvisorShares Pure US Cannabis ETF MSOS, +34.00% rose 18.7%.