Cannabis stock prices, which have taken a beating in recent years, get a boost whenever there’s a major announcement pertaining to federal marijuana reform.

For example, the AdvisorShares Pure US Cannabis ETF (MSOS), which tracks publicly held cannabis companies in the United States, jumped by roughly 26% within minutes of an April 30 report that the U.S. Drug Enforcement Administration intended to reclassify marijuana from Schedule 1 to Schedule 3 under the Controlled Substances Act.

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The increase was more modest on Thursday after U.S. Attorney General Merrick Garland submitted a notice of proposed rulemaking to move marijuana to Schedule 3.

The AdvisorShares Pure US Cannabis ETF rose only 1.77% and closed at $9.76.

“In the future, it continually will rise, but with some

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