Summary

• Cannabis stocks have seen renewed investor interest as federal policy momentum improves. The most important recent development was the placement of FDA-approved marijuana products and state-regulated medical marijuana products from Schedule I to Schedule III under the Controlled Substances Act.
• This does not mean full federal legalization, but could have improved accounting/tax benefits and increased access to capital for cannabis operators.
• Cannabis ETFs remain a narrow but differentiated thematic play on potential regulatory upside.

By Roxanna Islam, CFA, CAIA

Cannabis stocks have seen renewed investor interest as federal policy momentum improves. The most important recent development was the placement of FDA-approved marijuana products and state-regulated medical marijuana products from

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