US hashish shares rallied on Friday after Vice President Kamala Harris known as on the Drug Enforcement Administration (DEA) to decide on hashish rescheduling ‘as rapidly as doable’.

The interjection additional solidifies hypothesis that the Biden administration sees hashish reform as a key election difficulty and seems dedicated to pushing by way of basic reform.

It got here because the hashish reclassification rumor mill entered fever pitch as soon as once more, seeing Seabreeze Capital Companions’ Dougie Kass announce on X on the identical day that the corporate ‘realized yesterday that the DEA will shortly approve’ the rescheduling of hashish.

We’ve realized yesterday that the US Drug Enforcement Administration will shortly approve a rescheduling of hashish to Schedule III –and that the largest authorized hurdle, a global treaty (the Single Conference on Narcotic Medication (1961)), to which the US is a signatory –

— Dougie Kass (@DougKass) March 15, 2024

He added that, in response to the identical sources who knowledgeable Seabreeze of the preliminary rescheduling announcement in August 2023, the most important authorized hurdle (the Single Conference on Narcotic Medication (1961)), had been ‘resolved favorably’.

Elsewhere, the Division of Well being and Human Providers (HHS) Secretary Xavier Becerra testified earlier than a US senate committee a day earlier, defending the choice to suggest rescheduling within the first place, arguing that the HHS was ‘merely reflecting what the science is exhibiting’.

On Friday, March 15, New Hashish Enterprise’s American Hashish Operator Index, which tracks the inventory worth of the US’ largest hashish companies, shot up by 12%.

Equally, standard hashish ETF AdvisorShares Pure US Hashish elevated by almost 10% on the information, whereas Curaleaf rose in double digits, and different main US operators like Inexperienced Thumb Industries, Verano Holdings and Trulieve Hashish jumped by over 5%.

Harris’s statements have been made at a White Home roundtable, which welcomed a bunch of people that had obtained federal pardons underneath President Joe Biden’s 2022 initiative.

She instructed the room: “Marijuana is taken into account as harmful as heroin and extra harmful than fentanyl, which is absurd, to not point out patently unfair.”