Shares of cannabis companies sank on Tuesday after the U.S. Drug Enforcement Administration (DEA) postponed its cannabis reclassification hearing to Dec. 2, after the U.S. presidential election.
The Department of Justice, which oversees the DEA, said Attorney General Merrick Garland recommended cannabis be reclassified as a Schedule three drug instead of Schedule one earlier this year. Schedule one is reserved for drugs with a high potential for abuse and no accepted medical use.
Shares of Curaleaf (CURA.TO), opens new tab and U.S.-listed shares of Canopy Growth fell over 10%, while Illinois-based Verano Holdings (VRNO.NLB), opens new tab was down 12.9%.
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