CB1 Capital Management: Eased Cannabis Restrictions Biggest News for Industry Since Nixon

Todd Harrison, Founding Partner & Chief Investment Officer at CB1 Capital said the reclassification of marijuana as less dangerous was the biggest news for the cannabis industry since Nixon. The US Justice Department reclassified state-regulated marijuana as a less dangerous drug, a major shift that could increase legal cannabis sales and help a struggling industry. The directive signed by acting Attorney General Todd Blanche moved licensed marijuana products from Schedule I — the same federal category as heroin and LSD — to the less strictly controlled Schedule III. The action stops short of fully legalizing the drug for recreational use nationwide, but it meets the demands of many advocates who have long argued for looser restrictions. (Source: Bloomberg)