IM Cannabis (NASDAQ:IMCC) stock is rocketing higher on Wednesday following news that President Joe Biden’s administration .
According to insider sources, the Biden administration is planning to reclassify marijuana from a Schedule I drug to a Schedule III drug. With this rescheduling, cannabis would be in the same group as Tylenol with codeine, steroids and other Class I drugs.
The rescheduling would also lower the restrictions on marijuana and allow for more research into its medical purposes. To go along with that, cannabis businesses will benefit from being able to record normal expenses on taxes as the rescheduling would eliminate IRS code Section 280E.
The latest classification news builds on years of work by Biden’s administration. The proposal to reclassify the drug was first discussed back in 2022. With today’s news, regulators are waiting for the Drug Enforcement Administration to approve the Department of Health and Human Services’ rescheduling suggestion, reports CNBC.
How This Affects IMCC Stock Today
IMCC stock is seeing heavy trading on Wednesday alongside the plans to reclassify marijuana. That has more than 7.1 million shares changing hands as of this writing. This is well above its daily average trading volume of 780,000 shares.
IMCC stock is up 48.8% as of Wednesday morning.
Investors will find more of the latest stock market news below!
We have all of the hottest stock market happenings ready to go on Wednesday! That includes a look at the biggest pre-market stock movers this morning, additional cannabis stock movements and more. All of that info is ready at the following links!
More Wednesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- Cannabis Stocks Surge as Biden Moves to Reclassify Marijuana ASAP
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the 香港六合彩玄机.com Publishing Guidelines.
