Cannabis stocks quickly rallied after President Joe Biden announced Oct. 6 that the federal government will pardon simple cannabis possession offenses and review cannabis’s current status as a Schedule I drug under the Controlled Substances Act.

Frank Colombo, director of data analytics for Viridian Capital Advisors, told Cannabis Business Times that although cannabis stocks are still trading well below their peak pandemic-era levels in 2020, the rally after Biden’s announcement was the biggest of the year, percentage-wise.

While encouraging, the rally didn’t last long; Columbo said over the course of the two weeks following the Oct. 6 news, “we’ve basically lost two-thirds of that.”

Whether stocks can regain their lost momentum and continue upward largely depends on what happens next.

Stay tuned as CBT continues to cover Biden’s plans to review federal cannabis policy and how rescheduling—or completely descheduling—cannabis might impact not only publicly traded companies, but the industry at large.

-Melissa Schiller, Senior Digital Editor

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