U.S. cannabis stocks continue rallying as investors ponder potential de-scheduling

The AdvisorShares Pure US Cannabis ETF increased by 9% in pre-market trading on Friday.

After making significant gains the previous session as a result of President Joe Biden's remarks.

tTe United States would consider de-scheduling cannabis from its current status as a Schedule 1 narcotic under federal law.

Biden's decision to urge the attorney general and health secretary to investigate cannabis.

According to Jefferies analyst Owen Bennett, may pave the way for a federal re-scheduling without Congressional action.

Bennett said rescheduling cannabis would, "we believe, be enough to allow for uplistings, and in turn, huge inflows of new institutional money.

along with a prospective step dubbed SAFE Banking to open up the financial system.

Oil steady as focus turns to U.S. economic data