Why Curaleaf Holdings Stock Rocketed Almost 20% Higher Today

Wednesday was one of the rare good days for the beleaguered marijuana industry, with stocks in the sector experiencing significant lifts. One weedie that saw quite the price gain on the day was multistate operator Curaleaf Holdings (OTC: CURLF), which booked a nearly 20% increase. That compared most favorably to the sleepy S&P 500 index's less than 0.2% improvement.To a great degree, the future success of Curaleaf and its peers depends on the development of marijuana legalization in this country. At the moment, federal officials are contemplating a proposed rescheduling of the drug, from its most hazardous Schedule I category to the far milder grouping of Schedule III. This would, for all intents and purposes, make the drug legal nationwide.That potential change seemed to gain significant momentum on Wednesday during a confirmation hearing before the U.S. Senate's Judiciary Committee. President Donald Trump's nominee to lead the Drug Enforcement Administration (DEA), Terrance Cole, stated that reviewing the proposal will be one of his top priorities upon arrival at the DEA, if confirmed by the legislative body.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool