Pot stocks soar as Trump considers rescheduling marijuana from Schedule I to III. Investors anticipate financial liberation with removal of IRS Section 280E, leading to a wave of optimism in the sector. CGC stock is climbing.
Cannabis stocks surged on Wednesday after reports indicated President Donald Trump's plan to sign an executive order shifting marijuana from Schedule I to Schedule III. The news led to optimism in the sector as investors anticipated the financial benefits linked with Schedule III, notably the removal of IRS Section 280E. This tax provision bars businesses from deducting established expenses from income related to trafficking Schedule I or II substances. CGC stock notably rose in response to this development. This move was welcomed as a step towards long-awaited financial liberation for the cannabis industry. The full story is accessible on Benzinga.com.