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Monthly Journal: Traders' Insights Wanted!
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Pot stocks are popping

Pot stocks are popping
Canopy Growth UP 40%: weed stocks have popped off. What's causing the buzz?
In 2023, one in three people can buy weed legally in the U.S., most without a medical card. The country went green in the early twenties, and while states like New Jersey and New York following in the footsteps of crunchier states like Colorado and Oregon, Legal Weed Stocks rose in popularity.
Popularity aside, weed businesses faced a hurdle on a national scale: Wall Street quickly realized that selling pot was still a cash business. Under Federal regulations, regardless of State laws, pot is a Schedule I drug. Schedule I is the worst designation of addictive and harmful chemicals; pot is up there with heroin and higher on the danger scale than meth. Because of this designation, banks and financial instruments cannot work with pot companies: it is still a cash-only business.
This summer, Congress representatives are pushing for the reclassification of the drug, to a Schedule III, a calm designation for over-the-counter pills like Advil, which would dramatically change the use of the drug. On the news, pot stocks have launched off, many over 7% today alone. Here are the top companies in the US and Canada by market cap to check out:
$SNDL Inc(SNDL.US)$ - $0.54 B MK
Q:
Do you think pot stocks are worth buying? Or will the valuations drop?
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office. Fmr CNBC contributor, reporter/investor/trader Posts do not represent mm
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