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A group of Republican Senators sent a letter to the head of the U.S. Drug Enforcement Administration (DEA) highlighting their concerns about the Biden administration's moves to reschedule marijuana from a high-risk category to a low-risk category.
In the letter, the lawmakers led by Sen. Mitt Romney (R-UT) questioned DEA Administrator Anne Milgram about whether the U.S. efforts to reschedule marijuana will violate the country's obligations as a signatory to international treaties.
Romney and two of his colleagues in the Senate Foreign Relations Committee, James Risch (R-ID) and Pete Ricketts (R-NE) communicated their concerns on Wedensday amid an ongoing review at the DEA to reclassify cannabis from Schedule I of the Controlled Substances Act (CSA) to Schedule III.
Currently, cannabis is categorized under Schedule I of the CSA alongside drugs such as heroin and ecstasy which have a high potential for abuse. A move to Schedule III will group it alongside medications such as Tylenol and ketamine.
"Any effort to reschedule marijuana must be based on proven facts and scientific evidence—not the favored policy of a particular administration—and account for our treaty obligations," the senators wrote.
Marijuana stocks have recorded substantial gains this year in anticipation of a rescheduling decision from the DEA, which could lead to tax advantages for cannabis companies, among its other benefits.
The rally began in August amid reports that the U.S. Department of Health and Human Services (HHS) sent a letter to the DEA, recommending the agency reschedule marijuana from Schedule I to Schedule III.
U.S. MSOs: Curaleaf Holdings (OTCPK:CURLF), Acreage Holdings (OTCQX:ACRHF), Cresco Labs (OTCQX:CRLBF), Green Thumb Industries (OTCQX:GTBIF), Trulieve Cannabis (OTCQX:TCNNF), Ayr Wellness (OTCQX:AYRWF), TerrAscend (OTCQX:TSNDF), Clever Leaves (CLVR), Flora Growth (FLGC)
Canadian Licensed Producers: Canopy Growth (NASDAQ:CGC), Tilray (NASDAQ:TLRY), Cronos (CRON), Aurora Cannabis (ACB), SNDL Inc. (SNDL), OrganiGram Holdings (OGI)
Cannabis-related ETFs: AdvisorShares Pure US Cannabis ETF (MSOS), AdvisorShares Pure Cannabis ETF (YOLO), ETFMG Alternative Harvest ETF (MJ), and Amplify Seymour Cannabis ETF (CNBS)