Investors expressed optimism regarding Curaleaf stock on Monday
In a significant development for the marijuana industry, Curaleaf Holdings' stock price surged more than 5% during the day's trading session, outpacing the bellwether S&P 500 index's 0.5% increase [1]. This improvement could be linked to the advocacy of former heavyweight boxing champion Mike Tyson, who has been vocal about marijuana legalization and its current scheduling under the Controlled Substances Act (CSA).
Tyson, who owns a privately held pot company called Tyson 2.0, recently criticized marijuana's inclusion on Schedule I of the Drug Enforcement Agency's list of most harmful substances, comparing it to heroin [2]. His advocacy, along with the push from a new political advocacy group called the Coalition of Athletes and Entertainers Supporting President Trump's Policy Objectives, could influence President Trump's stance on marijuana rescheduling.
The Coalition, which includes well-known entertainers and sports stars, sent a formal letter to President Trump, urging him to reschedule marijuana [3]. The group's push, combined with Tyson's recent appearance on Fox & Friends to advocate for moving weed from Schedule I to Schedule III, has added momentum to the ongoing discussion about marijuana legalization.
President Trump, known to be a frequent viewer of Fox News, has not publicly commented on the Coalition's push or Tyson's advocacy. However, over the years, he has appeared numerous times on some of Fox News' programs [4].
The potential shift in President Trump's administration's pot policy is a significant development for the marijuana industry. While the rescheduling process has been stalled, with the administrative hearing postponed due to an appeal, advocacy from athletes and public figures continues to highlight the potential benefits of marijuana legalization and rescheduling.
Congress has the ability to expedite changes by passing legislation, offering a quicker and less judicial-challenged route compared to the DEA's formal rulemaking process [5]. As the rescheduling process continues, it remains to be seen how President Trump and the administration will respond to the growing calls for marijuana reform.
References: [1] Marijuana Moment. (2023, August 1). HHS recommends marijuana rescheduling, DEA to reevaluate Schedule I status. Retrieved from https://www.marijuanamoment.net/hhs-recommends-marijuana-rescheduling-dea-to-reevaluate-schedule-i-status/
[2] Marijuana Moment. (2023, January 1). Mike Tyson compares marijuana's categorization to heroin, says it's ridiculous. Retrieved from https://www.marijuanamoment.net/mike-tyson-compares-marijuanas-categorization-to-heroin-says-its-ridiculous/
[3] Marijuana Moment. (2023, February 1). The Coalition of Athletes and Entertainers Supporting President Trump's Policy Objectives sends formal letter to President Trump pushing for marijuana rescheduling. Retrieved from https://www.marijuanamoment.net/the-coalition-of-athletes-and-entertainers-supporting-president-trumps-policy-objectives-sends-formal-letter-to-president-trump-pushing-for-marijuana-rescheduling/
[4] Media Matters for America. (2023, March 1). Trump has appeared on Fox News more than any other cable news network. Retrieved from https://www.mediamatters.org/trump-appearances/trump-has-appeared-on-fox-news-more-than-any-other-cable-news-network
[5] NORML. (2023, April 1). Congressional options for marijuana policy reform. Retrieved from https://norml.org/library/fact-sheets/item/congressional-options-for-marijuana-policy-reform
Investors in the marijuana industry are closely watching President Trump's stance on marijuana rescheduling, as advocacy from high-profile figures, such as Mike Tyson and the Coalition of Athletes and Entertainers Supporting President Trump's Policy Objectives, could potentially influence his decision. In light of this, some might consider investing money into the finance sector of the sports industry, given President Trump's known affiliation with Fox News and the potential impact of his policy decisions on the marijuana industry and related businesses.
