Vladimir Koval
Curaleaf (OTCPK:CURLF) shares closed 15% higher on Tuesday in the wake of a report that President Biden supports the legalization of marijuana for medical purposes, which reinforces sentiment that the DEA will soon reclassify the drug as a less risky Schedule III substance.
Curaleaf was one of several cannabis stocks to rally Tuesday following the report. Other stocks scoring double-digit gains included Trulieve (OTCQX:TCNNF), Cresco Labs (OTCQX:CRLBF) and Canopy Growth (CGC).
Cannabis stocks like Curaleaf have gained serious ground since last Wednesday, when Bloomberg reported the Department of Health and Human Services had recommended the DEA downgrade marijuana to a Schedule III substance, which would put it on par with drugs like Tylenol with codeine.
Currently cannabis is classified as a Schedule I substance by the DEA, the agency’s most risky category. Other Schedule I drugs include LSD and heroin.
Shares of Curaleaf closed at $4.40 on Tuesday. The stock has risen 64% since last Tuesday.