Blame it on too much product, fierce competition, or the general economic haze - but 2023 was another tough year for cannabis stocks, with many start-ups in the weed niche now struggling just to stay afloat. That's why the proposal to reschedule marijuana at the federal level has been so closely watched in the industry; gaining more pharmaceutical credibility could unlock more favorable tax and employment regulations, as well as open up clinical testing possibilities - all factors that could give cannabis stocks a much-needed shot in the arm.
With marijuana already approved for recreational use in many states, 12 Democratic governors wrote the Biden administration earlier this month, urging the White House to reschedule weed by the end of the year. Their pitch? More jobs, tax cash, fewer folks behind bars, and a nod to fairness. Despite the plea, President Biden hasn't exactly put cannabis reform in the spotlight just yet.
