Why Curaleaf Stock Flopped on Friday
In the endless one step forward/two steps back dynamic that is American marijuana legalization, several influential legislators opted to move in reverse Friday. This negatively affected sentiment on cannabis stocks, which included multi-state operator Curaleaf (OTC: CURLF). Shares of the company lost more than 2% of their value that day. The S 500 (SNPINDEX: ^GSPC) did better, with only a 0.6% slide.
President Donald Trump is currently considering a measure to "reschedule" marijuana according to the Drug Enforcement Agency's (DEA) current set of classifications. Such a move would eliminate it from the list of most harmful drugs, de facto legalizing it on the federal level.
Image source: Getty Images.
Source Fool.com
