Pot Stocks Inch Toward US IPOs With Biden’s Legal Review Order
- Drug scheduling review a key step on path to top exchanges
- Democrats holding Congress could speed reforms, BI’s Shea says
Photographer: Jill Connelly/Bloomberg
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The underwriting industry and its pipeline of marijuana stocks eager to go public on a major US exchange are looking at a potential boon from President Joe Biden’s order to have the federal government review the drug’s legal status.
The review is the next step toward legalization of cannabis on the federal level, Bloomberg Intelligence analyst Kenneth Shea wrote in a note. That development would transform pot stocks from thinly traded names into initial public offering candidates for major exchanges.