Governors Urge Biden To Reschedule Cannabis: This Week In Cannabis Investing

"Rescheduling cannabis aligns with a safe, regulated product that Americans can trust," the governors wrote in a letter to POTUS.

marijuana cannabis leaves
(Image credit: Getty Images)

The year is nearly coming to a close and little federal progress has been made regarding the legalized cannabis industry. In August, the U.S. Department of Health and Human Services (HHS) formally recommended reclassifying cannabis as a Schedule III controlled substance. Four months later, it is unclear if the Drug Enforcement Agency (DEA) will heed the advice of the HHS or wait until the first quarter of the new year to reschedule cannabis under the Controlled Substance Act. However, there is a group of six governors who want to see cannabis rescheduled by year's end.

"We hope that [the] DEA will follow suit and reschedule cannabis to Schedule III this year, given that 88 percent of Americans are in favor of legalization for medical or recreational use. Rescheduling cannabis aligns with a safe, regulated product that Americans can trust," a five-page letter signed by Governors Jared Polis (Colorado), JB Pritzker (Illinois), John Bel Edwards (Louisiana), Kathy Hochul (New York), Phil Murphy (New Jersey) and Wes Moore (Maryland) reads.

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Morgan Paxhia
Contributing Writer

Morgan Paxhia is Managing Director and Co-Founder of Poseidon Investment Management. With over 10 years experience in investing and finance, Morgan has developed a deep understanding of individual company analysis, portfolio construction, and risk mitigation. This content is not intended to provide any investment, financial, legal, regulatory, accounting, tax or similar advice, and nothing should be construed as a recommendation by Poseidon Investment Management, LLC, its affiliates, or any third party, to acquire or dispose of any investment or security, or to engage in any investment strategy or transaction. An investment in any strategy involves a high degree of risk and there is always the possibility of loss, including the loss of principal. This content should not be considered as an offer or solicitation to purchase or sell securities or other services. Any of the securities identified and described herein are for illustrative purposes only.  Their selection was based upon nonperformance-based objective criteria. The content presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Past performance is not indicative of future results.