Home / Business and Economy / Cannabis Stock Surges on Schedule III Hopes
Cannabis Stock Surges on Schedule III Hopes
15 Dec
Summary
- Tilray stock climbed on potential Schedule III drug reclassification.
- Las Vegas Sands and Marriott shares rose after positive analyst upgrades.
- Roomba manufacturer iRobot declared bankruptcy and will be acquired.
Tilray experienced a significant surge of about 3%, extending a recent rally. This upward momentum was primarily driven by reports indicating that President Donald Trump is expected to instruct federal agencies to assign cannabis a less stringent Schedule III classification, a move away from its current Schedule I designation.
In the hospitality sector, Las Vegas Sands and Marriott International both posted gains, rising 2.9% and 1.5% respectively. These increases followed favorable 'buy' ratings from Goldman Sachs, which cited consumer strength for Marriott and sustained momentum in Macao for Las Vegas Sands.
Conversely, shares of ServiceNow fell by 4% amid reports of potential acquisition talks for cybersecurity firm Armis at approximately $7 billion. The week also saw a dramatic decline for iRobot, the Roomba vacuum maker, which plummeted 83% after declaring Chapter 11 bankruptcy. Hong Kong-based Picea is expected to acquire iRobot.
