Aurora, Canopy Growth Jump on U.N. Designation Vote

by Newsfeed

Aurora Cannabis  (ACB) – Get Report jumped double digits Wednesday, leading a cannabis rally after the U.N. voted to remove cannabis and cannabis resin’s Schedule IV controlled substance designation. 

The U.N. Office on Drugs and Crime voted 27-25 to take cannabis off its most stringent category of controlled substances. The plant is still classified as a Schedule 1 substance under the 1961 Single Convention on Narcotic Drugs. 

However the symbolic vote could encourage the U.S. to loosen federal laws on cannabis, especially medical and research, to coincide better with state laws, according to a Cowen research note Wednesday. 

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