The cannabis sector has recently seen increased attention due to potential regulatory changes. The Drug Enforcement Administration (DEA) has scheduled a public hearing to consider reclassifying marijuana as a less dangerous drug. This move could shift cannabis from its current Schedule I status to Schedule III. The hearing, set for December 2, extends the administrative process for this potential reclassification. This development has caught the eye of many investors in cannabis stocks.
Investing in cannabis stocks can offer growth potential as the industry adapts to changing regulations. The proposed rescheduling could significantly impact the sector’s landscape. Some investors see this as an opportunity for long-term growth. However, the extended timeline for regulatory changes adds uncertainty to the market. Cannabis stocks have shown volatility in response to such news, as seen in April’s price surge. Investors should consider how regulatory shifts might affect different companies within the sector.
When evaluating cannabis stocks, it’s crucial to understand the regulatory environment. Keep an eye on the outcomes of hearings like the DEA’s upcoming one. Consider how potential rescheduling could affect different aspects of the cannabis industry. Look at companies’ strategies for adapting to regulatory changes. Remember that the cannabis market is still evolving, with ongoing legal and regulatory developments. Diversification and staying informed about legislative processes are key when investing in this dynamic sector. With that in mind, here are two US cannabis stocks to watch in the stock market today.
Cannabis Stocks To Buy [Or Avoid] Now
- Green Thumb Industries Inc. (OTCMKTS: GTBIF)
- Trulieve Cannabis Corp. (OTCMKTS: TCNNF)
Green Thumb Industries (GTBIF Stock)
Let’s begin with Green Thumb Industries (GTBIF). The company is a multi-state cannabis operator in the United States. They cultivate, process, and sell a variety of cannabis products for both medical and recreational use. Green Thumb operates retail cannabis stores under the RISE brand and produces a range of branded cannabis products. The company has been expanding its presence across multiple states, focusing on limited license markets.
Last month, Green Thumb announced the opening of a new RISE Dispensary in East Syracuse, New York. This marks the fifth RISE Dispensary in New York and the 97th nationwide for the company. The new location will serve both medical patients and adult-use customers in central New York. The dispensary will be open seven days a week and provide services like home delivery. This expansion reflects Green Thumb’s continued growth in the New York cannabis market.
Year-to-date, shares of GTBIF stock have pulled back by 10.17% so far. While, on Tuesday ahead of the afternoon trading session, Green Thumb stock is trading lower on the day by 9.17% at $9.71 a share.
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Trulieve Cannabis Corp. (TCNNF Stock)
Following that we have Trulieve Cannabis Corporation (TCNNF). The company is a vertically integrated cannabis company operating primarily in the United States. They are involved in the cultivation, processing, and retail distribution of cannabis products for both medical and adult-use markets. Trulieve has a significant presence in Florida’s medical marijuana market and has been expanding into other states. The company offers a range of cannabis products including flower, concentrates, tinctures, capsules, and edibles through its network of dispensaries.
On Tuesday morning, Trulieve announced a partnership with the Professional Pickleball Association (PPA) Tour and Major League Pickleball (MLP). Trulieve will sponsor premier pickleball events in Arizona, Florida, and Georgia. This makes Trulieve the first cannabis operator to partner with either professional pickleball organization. The company will sponsor 12 events, starting with the CIBC Atlanta Slam in September.
In 2024 so far, shares of TCNNF stock have increased by 70.91% YTD. Meanwhile, on Tuesday ahead of the lunchtime trading session, Trulieve stock is trading lower by 7.95% at $8.82 a share.
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