Bloomberg reports that the Department of Health and Human Services is pushing to move cannabis to Schedule III from Schedule I for potential medical use.
The U.S. Department of Health and Human Services is recommending to the U.S. Drug Enforcement Administration that cannabis should be reclassified as a Schedule III controlled substance under U.S. law, according to a report by Bloomberg on Wednesday. Currently cannabis is a Schedule I drug.
Cresco Labs Inc. CRLBF, +13.73% was rallying by 13.7%, Green Thumb Industries Inc. GTBIF, +19.51% was up by 17.6% and Trulieve Cannabis Corp. TCNNF, +17.28% was up by 15.6%. In a letter to the DEA seen by Bloomberg, Assistant Secretary for Health Rachel Levine cited a Food and Drug Administration review of the drug’s classification.
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