Cannabis Stocks Drop on Matt Gaetz Withdrawal -- WSJ

Dow Jones11-22

By Jasmine Li

Shares of cannabis companies fell after former Rep. Matt Gaetz said he would withdraw from consideration as attorney general.

Shares of the AdvisorShares Pure US Cannabis ETF fell after Gaetz's announcement on X. The ETF is down 4.3% Thursday afternoon.

Meanwhile, dispensary operators Curaleaf and Verano are down more than 5% Thursday afternoon. Other cannabis companies Ayr Wellness, Cresco Labs and Leafly have fallen more than 2%.

Gaetz was largely seen as a cannabis-friendly pick for the post: as House representative, he voted to decriminalize marijuana on a federal level and supported removing marijuana from the list of scheduled substances in the Controlled Substances Act.

As attorney general, he would have overseen the push to reclassify marijuana as a Schedule III drug. Rescheduling the drug would make the substance obtainable with a prescription and reshape the multibillion-dollar industry.

Gaetz as attorney general could also have made banks more comfortable with working with state-legal cannabis companies, TD Cowen analyst Jaret Seiberg said in a note last week.

Here's the Wall Street Journal article on Gaetz's withdrawal.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

November 21, 2024 13:50 ET (18:50 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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