Cannabis stocks had a strong session Thursday thanks to a victory handed down by the Drug Enforcement Administration, and the sector continued those gains Friday, September 28.
The DEA announced that it has placed certain drug products that have been approved by the Food and Drug Administration that contain cannabidiol (CBD) in schedule V, which means the government believes the products have the lowest potential for abuse.
GW Pharmaceuticals PLC (GWPH) - Get GW Pharmaceuticals Plc Report will directly benefit from the new classification as it can now sell Epidiolex, a treatment for pediatric epilepsy that contains cannabidiol. GW Pharmaceuticals stock jumped nearly 7% on the news Thursday and was rising another 1.4% Friday.
The DEA has not rescheduled cannabidiol itself, however, just FDA-approved pharmaceutical products containing the cannabis extract.
Tilray Inc. (TLRY) - Get Tilray, Inc. Report rose 5.5% premarket and shares of India Globalization Capital Inc. (IGC) - Get India Globalization Capital, Inc. Report jumped another 21% premarket after also rising 52% in Thursday's session after announced that it entered into the CBD-infused energy drink business.
Other cannabis stocks were mixed with Aurora Cannabis Inc. (ACBFF) rising 1%, Canopy Growth Corp. (CGC) - Get Canopy Growth Corporation Report falling 1.6%, Cronos Group Inc. (CRON) - Get Cronos Group Inc Report declining nearly 0.55%.
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