Pervasip Corp (PVSP)

[Bjones2]

Biden Lights the Fuse!!!
Cannabis Watch

Cannabis stocks rocket to a record day after Biden lights the fuse
Last Updated: Oct. 7, 2022 at 7:44 a.m. ET

By Steve Gelsi and Bill Peters

After president asks for administration to consider changing current drug classification for marijuana, cannabis stocks in U.S. and Canada shoot to strongest days on record

Cannabis stocks shot to record gains Thursday after President Joe Biden formally sought to review how marijuana is classified under federal law, a change that pot producers in the U.S. and Canada have long sought after months of stalled federal reform that soured enthusiasm in the industry.

The moves buoyed the cannabis sector after steep losses in 2022, even as more states launch adult-use and medical programs for cannabis. But in Canada, producers continue to lose money and face stiff competition.

The announcement also follows Biden’s shifting stance over the years on pot — from opposing legalization to eventually supporting some degree of decriminalization and medical cannabis consumption. And it comes as Democrats try to whip up support for this year’s midterm elections and as many Republican
lawmakers remain wary of legalization.

“This is huge news — the biggest step under the Biden administration so far on federal cannabis reform,”