SNDL Inc (NASDAQ:SNDL) shares are trading higher by 6.2% to $1.64 during Wednesday’s session amid strength in the broader cannabis sector. Shares of cannabis stocks are trading higher following a report suggesting the Department of Health and Human Services (HHS) has called for moving marijuana to a lower-risk drug category.
According to a letter dated August 29 seen by Bloomberg News, a high-ranking official from the Department of Health and Human Services has written to DEA Administrator Anne Milgram, urging the reclassification of marijuana from Schedule I to Schedule III under the Controlled Substances Act.
This shift reflects a significant change, as Schedule I substances include highly abused drugs like heroin.
The recommendation is informed by an FDA evaluation of marijuana’s classification. The Controlled Substances Act categorizes substances based on medical usage, abuse potential and safety.
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According to data from Benzinga Pro, SNDL has a 52-week high of $3.36 and a 52-week low of $1.25.
