US pot stocks climb as rescheduling of reform inches closer
** Shares of cannabis firms rise in afternoon trade
** Shares of Tilray Brands TLRY.O gain as much as 4.1%
** Trulieve Cannabis TRUL.CD, Canopy Growth WEED.TO, Curaleaf Holdings CURA.TO, Organigram OGI.TO rise between 1.6% and 9.1%
** ETF AdvisorShares Pure US Cannabis MSOS.P gains 5.8%
** "Cannabis investors have been focused on regulatory reform, specifically rescheduling, which is seen as the most important near-term catalyst for the sector" - Frederico Gomes, director of institutional research in life sciences at ATB Capital Markets
** The U.S. Justice Department moved to make marijuana use a less serious federal crime in April, taking a step to remove the drug from schedule one to schedule three, easing penalties for possession and use along with enabling more medical research
** "Both President (Joe) Biden and Vice President (Kamala) Harris have publicly expressed support for this change. Consequently, the potential continuation of this approach may be a positive signal for further cannabis reform, driving optimism in the market" - Gomes
** Public comment portal to close at Monday midnight for public to provide feedback on rescheduling
Reporting by Seher Dareen in Bengaluru
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