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Cannabis Stocks Surging Amid Rising Talk of U.S. Rescheduling

There has been a lot of chatter from people about reigniting the push to reschedule cannabis in the United States from a Schedule 1 drug (like heroin and ecstasy) to a Schedule 3 drug (like steroids and ketamine). Roger Stone, a long-time ally of President Trump, wrote about it earlier this month. Mike Tyson has been making the media rounds advocating for reform. Ex-NFLer and noted cannabis fan Ricky Williams went to the White House and met with several administration officials on the topic.

Bruce Levell, who is an advisor to Trump and has served as executive director of his National Diversity Coalition, was also at the meeting. He separately said in a social media post that “The Biden administration fell short on cannabis rescheduling, but we’re eager for our next conversation on moving to Schedule III,” he said, adding that Trump “is poised to deliver where others have not.”

Additionally, the SAFE (and updated SAFER) Banking Act aims to allow cannabis businesses access to full banking services. It enjoys bipartisan support and is awaiting a Senate floor vote. There are a lot of signs the federal government is looking to legitimize the multi-billion dollar industry sooner rather than later, and investors have responded.

The Market Reaction

Taking a look at stock performance in the sector over the last month, exchange traded funds and individual stocks are up significantly. AdvisorShares Pure US Cannabis ETF (MSOS) climbed about 38%, Amplify Alternative Harvest ETF (MJ) around 27%, and Cambria Cannabis ETF (TOKE) over 8%. Some individual stocks of note include LEEF Brands (LEEEF) up about 16%, Curaleaf Holdings (CURLF) rose a whopping 76%, and Trulieve Cannabis (TCNNF) climbed about 31%. Not all stocks have risen, as U.S. multi-state stalwart Glass House Brands (GLASF) nudged down about 5% over the month.

What’s the Fuss?

Rescheduling, and the associated banking regulations, would go a long way toward providing stability and a platform for growth in the industry. It is seen as a step toward federal legalization, but cannabis would not be legal as a result of rescheduling.

However, rule 280E of the Internal Revenue Code would go away. This rule prevents cannabis companies from deducting ordinary business expenses, leaving many with sky-high tax bills—sometimes as much as 60–70% of their profits vanish to the IRS. Legal operators could deduct salaries, rent, marketing, and other standard expenses, just like any other business.

For multi-state operators, the potential benefits are even greater. These companies often have large, complex operations spanning several states, which means they’re hit hardest by the current tax regime. Removing the 280E burden could save millions in annual expenses, freeing up cash to reinvest in expansion, innovation, and talent.

Combined with the stability, transparency, and easier access to capital offered by cannabis banking reform, the move to reschedule would be transformative for cannabis businesses.

Watch investor Mariusz Skonieczny outline the impact rescheduling could have on Glass House Brands and LEEF Brands. LEEF is poised for its own breakout, regardless of federal action, due to its expansion from its California home into the burgeoning New York market and its margin-boosting measures that should hit the books next quarter.

The Upshot

Cannabis stocks are suddenly worth keeping an eye on again, particularly those with multi-state businesses in the United States. Whether through ETFs or individual companies like the ones mentioned here, investors are turning their attention to the upside offered by operators that are successfully executing and poised for more growth. You might be wise to follow suit.