Marijuana stocks opened largely lower on Monday, as investors parse the implications of President Joe Biden's moves last week to pardon federal convictions for marijuana possession, and potentially change marijuana from a Schedule I narcotic to something a bit less illegal.

As of 11:45 a.m. ET today, Canopy Growth (NASDAQ: CGC) and Aurora Cannabis (NASDAQ: ACB) are down 11.3% and 10.3%, respectively. Meanwhile, Curaleaf Holdings (OTC: CURLF) -- which is actually bigger by market capitalization than both of those better-known cannabis stocks combined (but lower profile because it's not Nasdaq-listed) -- is off by only 1.8%.

Curaleaf might still be benefiting from the prediction voiced by investment bank Stifel Nicolaus on Friday that some of the less-popular marijuana stocks such as Curaleaf could potentially triple in price if a rescheduling of marijuana helps to pass the SAFE Banking Act, which will permit banks to do business with marijuana companies in the U.S. This could explain why its decline today is not as steep as the declines of other cannabis companies.

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Source Fool.com