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DEA Delays Marijuana Rescheduling to Post-Election, $MSOS Declines

Aug 26, 2024, 09:08 PM

The Drug Enforcement Administration (DEA) has scheduled a public hearing on the Biden administration's proposal to reschedule marijuana for December 2, 2024, as noted in a Federal Register notice. This decision delays any potential cannabis reform until after the upcoming election. The delay has caused disappointment in the cannabis industry, with stocks such as $MSOS experiencing a decline in after-hours trading. Representative Nancy Mace (R-SC) had predicted marijuana rescheduling would occur before the election, but the hearing date indicates otherwise. The DEA's decision is seen as a setback for those advocating for cannabis reform, as there was anticipation of an interim ruling before the election.