GW Pharma (GWPH), Insys Therapeutics (INSY) Cara (CARA) on Watch Ahead of DEA Marijuana Policy Announcement
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GW Pharma (NASDAQ: GWPH), Cara Therapeutics (NASDAQ: CARA) and Insys Therapeutics, Inc. (NASDAQ: INSY), among other cannabis stocks are on watch today as the The Drug Enforcement Administration (DEA) is expected to announced it will boost the supply of research-grade marijuana available for scientists, pharmaceutical companies, and others. The announcment is expected at 9AM.
The DEA may also announce that it will not reclassify marijuana from a Schedule I to a Schedule II controlled substance.
According to Height Securities analyst Stefanie Miller, should marijuana remain a Schedule I substance the news would be negative especially for GW Pharmaceuticals, but also Insys Therapeutics.
"We do not believe, however, a setback today by the DEA is indicative of the broader political trend and state-by-state destigmatization of marijuana that will likely lead to a country-wide legalization probably sometime between 2020 and 2022 and Congressional legislation that directly removes current banking and financing risk sometime between 2018 and 2019," she added.
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