Tilray Inc TRLY shares are trading higher by 16.25% to $2.79 Wednesday afternoon amid strength in the broader cannabis sector. Shares of cannabis stocks are trading higher following a report suggesting the Department of Health and Human Services (HHS) has called for moving marijuana to a lower-risk drug category.
According to a letter dated August 29 seen by Bloomberg News, a high-ranking official from the Department of Health and Human Services has written to DEA Administrator Anne Milgram, urging the reclassification of marijuana from Schedule I to Schedule III under the Controlled Substances Act.
This shift reflects a significant change, as Schedule I substances include highly abused drugs like heroin.
The recommendation is informed by an FDA evaluation of marijuana's classification. The Controlled Substances Act categorizes substances based on medical usage, abuse potential and safety.
These shifting conditions facing the cannabis industry will be discussed at the Benzinga Cannabis Capital Conference so you won't want to miss out. Join us in Chicago this September 27-28.
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According to data from Benzinga Pro, Tilray has a 52-week high of $5.12 and a 52-week low of $1.50.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
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