As reported last week, the U.S. Department of Health & Human Services has recommended to the Drug Enforcement Administration that they reclassify marijuana's drug status to that of a Schedule III (i.e. lower-risk) substance based on a recent Food and Drug Administration review. If implemented it would substantially ease banking requirements for MSO companies, allow major U.S. stock exchanges to list MSOs on their exchanges and potentially allow foreign companies to begin selling their products in the United States.

Investors responded enthusiastically a week ago to the recommendation with a 39% jump in the industry's average stock price by week's end ( (and a 44% increase in the average stock price of the industry's 7 largest multi-state operators ( MSOs) as tracked in munKNEE's American Cannabis MSO Index). and the upward trend has continued this week up another 22% (and by 20% in the American Cannabis MSO Index).

Below are the changes in the stock prices of the 7 constituents in the Index this week in descending order of performance, last week and YTD:

1. Columbia Care (CCHWF): UP 53.3% this week; UP 82.9% last week; UP 53.3% YTD
2. Cresco Labs (CRLBF): UP 47.6% this week; UP 50.1% last week; UP 40.0% YTD
   • Cresco Labs Launches First-Ever Cannabis Advertisements on Spotify, the World’s Most Popular Audio Streaming Subscription Service
3. Verano Holdings (VRNOF): UP 30.7% this week; UP 30.7% last week; UP 59.1% YTD
   • Verano Announces Upcoming Conference Participation
4. Curaleaf Holdings (CURLF): UP 21.6% this week; UP 32.4% last week; UP 22.5% YTD
   • Curaleaf Expands Brand Portfolio With Launch of Zero Proof ™ Cannabis-Infused Drinkables
5. Green Thumb (GTBIF): UP 12.6% this week; UP 39.7% last week; UP 26.9% YTD
   • Green Thumb Industries Announces Share Repurchase Program
6. Trulieve Cannabis (TCNNF): UP 11.6% this week; UP 63.3% last week; DOWN 14.7% YTD
   • Trulieve Announces September 2023 Event Participation
7. TerrAscend Corp. (TSNDF): UP 7.9% this week; UP 25.5% last week; UP 98.2% YTD

Conclusion

The average increase in our American Cannabis MSO Index this week was 19.5%.

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U.S. Cannabis Stocks Continue Upwards This Week - Here's Why
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