In a surprising turn of events, rumors about the federal rescheduling of cannabis to Schedule III have set the cannabis industry abuzz with anticipation. This exciting news has caused a surge in weed stocks as investors speculate on the potential implications. Renowned hedge fund manager, Doug Kass, took to social media on Friday to share the rumor, stating that the U.S. Drug Enforcement Administration (DEA) will soon approve the rescheduling.

Kass advised investors to sell their cannabis stocks at a higher price due to the expected market reaction to this development. This news has sparked hope among industry players who have been eagerly awaiting federal rescheduling, which could have significant implications for the cannabis market.

Adding to the speculation, Senator Cory Booker joked about the rescheduling taking place on April 20 during a recent interaction at the Capitol. While Booker did not explicitly confirm the rescheduling, his response hinted that there may be some truth to the rumors.

As the market reacted to these rumors, the AdvisorShares Pure US Cannabis ETF (MSOS) experienced a significant surge, with an increase of over 8% to reach $8.38 per share. Meanwhile, New Cannabis Ventures reported a decline in the overall performance of multi-state operators (MSOs) in the cannabis industry.

Despite this, the Benzinga Cannabis Capital Conference in Florida is set to bring together industry experts and investors to discuss the current state of the cannabis market, including valuations, earnings, and investment opportunities. The conference, scheduled for April 16 and 17, 2024, aims to provide a platform for networking, learning, and growth for both established entrepreneurs and budding startups.

While the cannabis industry eagerly awaits further developments, it is worth noting that Benzinga does not provide investment advice, and investors should approach the market with caution.

In conclusion, the rumor of federal cannabis rescheduling to Schedule III has ignited optimism within the cannabis industry, leading to a surge in weed stocks as investors eagerly speculate on the potential impact. With the upcoming Benzinga Cannabis Capital Conference just around the corner, industry professionals have an opportunity to gather and discuss the latest trends and opportunities in the evolving cannabis market.