Why Cresco Labs Stock Wafted Nearly 5% Higher Today
The latest buzz on the stock market is the suprising viability of marijuana companies. Last week, a top official at the federal Department of Health and Human Services (HHS) requested that the drug be reclassified, a move that led to a rally in nearly every notable pot title. The rally extended through Tuesday when it was revealed that the move apparently was instigated at the highest governmental level possible.
Cresco Labs (OTC: CRLBF) is one of the numerous beneficiaries of this fresh buzz. On Tuesday, the multistate operator's (MSO) share price leaped 4.7% higher on the latest news.
Late Monday, cannabis industry tracker Marijuana Moment reported on White House Press Secretary Karine Jean-Pierre's remarks about that reclassification request. In a press conference, Jean-Pierre said that none other than President Joe Biden was the person behind that move.
Source Fool.com
