Two and a half years ago, weed stocks had a bit of a moment. In February 2021 pretty much every stock shot upwards due to a democratic president being elected and a general optimism in the air for legalization.
![](https://weeddeepdive.com/wp-content/uploads/2023/09/Screenshot-2023-09-18-at-4.58.37-PM-300x211.png)
Since then, it’s been a slow and depressing descent. Until earlier this month, when a letter was leaked that suggested the DEA change the scheduling of marijuana to III. Most stocks, including Canopy Growth and the Yolo ETF, got a nice little bump. Nowhere near those 2021 levels, but at least it’s something.
![](https://weeddeepdive.com/wp-content/uploads/2023/09/Screenshot-2023-09-18-at-4.58.06-PM-300x216.png)
Of course, nothing has yet to come from that letter, so the stocks are gradually going back down. But then again, there’s a little more optimism in the air, and the banking bill is finally scheduled for a vote on the 27th of this month. This has given the market yet another little bump.
![](https://weeddeepdive.com/wp-content/uploads/2023/09/Screenshot-2023-09-18-at-4.57.43-PM-300x221.png)
So, where does this leave us? Judging by how quick the stocks are moving, it seems they’re ready for a giant spike once some actual federal news occurs. So while it was initially a blip on the radar earlier this month, it’s becoming a sign of the potential heights of these stocks. Right now, there isn’t much growth over at Canopy Growth (CGC) or Tilray (TLRY). But there’s clearly a willingness FOR growth.
Oh, and also, this isn’t financial advice. Just some thoughts.