Tilray Brands, Inc. (NASDAQ: TLRY) and Canopy Growth Corporation (NASDAQ: CGC) shares are on the rise as optimism grows around the possibility of cannabis rescheduling. The recent chatter surrounding the potential rescheduling of marijuana by the Drug Enforcement Agency (DEA) has sparked a surge in cannabis stocks.
Vice President Kamala Harris recently emphasized the urgency for the DEA to move quickly to reschedule marijuana during a meeting at the White House. She highlighted the disparity in current scheduling, where marijuana is classified as equally dangerous as heroin and more dangerous than fentanyl.
Additionally, on Friday, Doug Kass shared on social media platform X that the DEA is expected to announce the rescheduling of cannabis to Schedule III. Kass indicated that the biggest legal hurdle, an international treaty, has been resolved favorably, paving the way for the rescheduling.
Analysts and traders are closely monitoring the developments in the cannabis industry, as any changes in scheduling could have a significant impact on the market. Investors are looking at various indicators, including technical analysis and price action, to make informed decisions about the future trajectory of cannabis stocks.
When it comes to predicting the future price movement of TLRY and CGC, investors are using a combination of fundamental research and technical analysis. Many traders rely on moving averages and trend lines to forecast potential price movements. Currently, Tilray Brands’ 200-day moving average is above the current price, indicating a bullish signal.
As of the time of publication, Tilray shares are up 9.25% at $1.89, while Canopy Growth shares are up 16.4% at $3.58. The market is closely watching for any further updates on cannabis rescheduling and how it may impact the stock prices of TLRY and CGC.
In conclusion, the renewed optimism surrounding the possible rescheduling of cannabis by the DEA has sparked a positive momentum in the cannabis industry. Investors are closely monitoring the situation and using various tools to predict the future price movements of TLRY and CGC. As the industry continues to evolve, it will be interesting to see how these developments play out in the coming days and weeks.
