<p>比尔·彼得斯</p>
<p>由于重新分类的消息，Tilray 的股票周四最初上涨了 19%，但随后回落，最终收盘下跌 12%。</p>
<p>大麻股票在重新分类的消息发布后最初大幅上涨，但周四结束时大幅下跌。</p>
<p>周四，随着代理美国司法部长托德·布兰奇签署命令将食品和药物管理局批准的州许可医疗大麻产品重新分类为危害较小的物质，大麻股票出现抛售——这一举动引发了行业观察者的庆祝，但也带来了困惑。</p>
<p>司法部和毒品执法局的命令立即将这些产品移至国家管制物质监管体系的第三类——与氯胺酮和含可待因的泰诺同类——从第一类（包括海洛因和 LSD 等药物）转变。然而，关于大麻的更广泛重新分类的单独听证会将于 6 月 29 日开始。</p>
<p>布兰奇在 X 上的一则帖子中表示，这一举动将允许对大麻的安全性和医疗用途进行更深入的研究，并为患者提供更广泛的治疗选择——这是行业长期以来所追求的变化，紧随去年唐纳德·特朗普总统关于重新分类的行政命令。</p>
<p>但其他人指出，这一举动的影响将一些大麻产品重新分类用于某些用途而非其他用途，可能会在行业的分销系统中造成混乱。</p>
<p>“这种框架有帮助，但如果没有额外的监管指导，运营的复杂性将贯穿整个供应链，” 大麻分销商 Nabis 的首席法律顾问迈克·费尔德曼对周四签署的命令表示。</p>
<p>费尔德曼指出，向分销商销售的种植者将不知道他们的产品最终会落入医疗消费者还是娱乐消费者手中，而分销商尚未获得如何处理这两类交易的指导。他补充说，运行共享生产线的包装商将不得不决定是分开生产还是更细致地跟踪他们的产出。</p>
<p>“在指导出台之前，运营商将不得不在没有明确框架的情况下做出合理的选择，” 费尔德曼告诉 MarketWatch。</p>
<p>大麻高管指出，布兰奇的公告的重要性，这标志着数十年来最重要的联邦大麻改革——尽管它并没有在联邦层面合法化娱乐用大麻，也没有解决银行接入或之前定罪等问题。</p>
<p>在庆祝与困惑的消息中，加拿大大麻生产商 Tilray Brands（TLRY）的股票在周四的盘中交易中最初上涨了 18.7%，但随后反转，最终收盘下跌 11.8%。周三，该股票因预期公告上涨了 14.2%。</p>
<p>竞争对手 Canopy Growth（CGC）的股票周四下跌了 11.6%，而美国多州大麻生产商 Curaleaf Holdings（CURLF）的股票最终下跌了 23.4%。</p>
<p>此外，向大麻行业提供贷款的 FundCanna 首席执行官亚当·斯特特纳也指出了该命令的细节。</p>
<p>斯特特纳在一份声明中表示：“医疗运营商可能会受益于更清晰的联邦对齐，而非医疗企业仍然受到现有第一类处理及其相关限制的约束。”</p>
<p>Alliance Global Partners 分析师亚伦·格雷在一份研究报告中也表示，该命令的措辞及其范围的限制可能加剧了对合法化道路的困惑，从而导致周四大麻股票的抛售。</p>
<p>“考虑到州合法市场中医疗和成人使用渠道的当前混合，我们确实认为很难不将这两个渠道视为相同，因为《管制物质法》的分类通常是针对药物本身或特定配方，而不是使用案例，” 格雷写道。</p>
<p>尽管如此，他表示，布兰奇的命令将帮助美国大麻行业节省更多现金，特别是如果联邦税法第 280E 条——对行业利润征税而不允许正常扣除——被废除。他还表示，这可能为剩余 10 个没有医疗大麻项目的州创造这些项目铺平道路，并在其他州开启更广泛的娱乐合法化。</p>
<p>“虽然今天的股票可能受到一些 ‘卖消息’/困惑的负面影响，但我们认为鉴于现金流的改善和增量改革的路径在今天的消息后仍然保持不变，这是一种机会，” 格雷表示。</p>
<p>-比尔·彼得斯</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>04-23-26 1727ET</p>

TLRY

2 倍做多美国大麻 ETF - AdvisorShares

大麻 ETF - Cambria

纯美国大麻 ETF

另类收益 ETF -ETFMG

<p>大麻股票在美国司法部长下令将某些大麻产品重新分类为第三类药物后最初大幅上涨，但最终收盘大幅下跌。该命令旨在促进对医疗大麻的研究和获取，但却对分销的监管指导造成了混乱。像 Tilray 和 Canopy Growth 这样的股票出现了显著下跌，反映出市场的不确定性。分析师表示，该命令可能改善行业的现金流，但对运营影响缺乏明确性可能会阻碍更广泛合法化的进程</p>

<p>By Bill Peters</p>
<div class="lb-trans"><p>比尔·彼得斯</p>
</div><p>Tilray's stock initially surged as much as 19% Thursday on the reclassification news, but then sold off to close down 12%</p>
<div class="lb-trans"><p>由于重新分类的消息，Tilray 的股票周四最初上涨了 19%，但随后回落，最终收盘下跌 12%。</p>
</div><p>Cannabis stocks initially flew high on the rescheduling, but ended Thursday sharply lower.</p>
<div class="lb-trans"><p>大麻股票在重新分类的消息发布后最初大幅上涨，但周四结束时大幅下跌。</p>
</div><p>Marijuana stocks sold off Thursday, after acting U.S. Attorney General Todd Blanche signed an order rescheduling Food and Drug Administration-approved and state-licensed medical cannabis products as a less harmful substance - a move that led to celebration but also confusion among industry observers.</p>
<div class="lb-trans"><p>周四，随着代理美国司法部长托德·布兰奇签署命令将食品和药物管理局批准的州许可医疗大麻产品重新分类为危害较小的物质，大麻股票出现抛售——这一举动引发了行业观察者的庆祝，但也带来了困惑。</p>
</div><p>The order from the Justice Department and the Drug Enforcement Administration immediately moves those products to the Schedule III bracket of the nation's controlled-substances regulatory regime - the same category as ketamine and Tylenol with codeine - from Schedule I, which includes drugs like heroin and LSD. However, a separate hearing for the broader rescheduling of cannabis will start on June 29.</p>
<div class="lb-trans"><p>司法部和毒品执法局的命令立即将这些产品移至国家管制物质监管体系的第三类——与氯胺酮和含可待因的泰诺同类——从第一类（包括海洛因和 LSD 等药物）转变。然而，关于大麻的更广泛重新分类的单独听证会将于 6 月 29 日开始。</p>
</div><p>Blanche, in a post on X, said the move would allow for deeper research into cannabis's safety and medical use, and allow for wider access to treatments for patients - a change long sought by the industry that follows an executive order from President Donald Trump on reclassification last year.</p>
<div class="lb-trans"><p>布兰奇在 X 上的一则帖子中表示，这一举动将允许对大麻的安全性和医疗用途进行更深入的研究，并为患者提供更广泛的治疗选择——这是行业长期以来所追求的变化，紧随去年唐纳德·特朗普总统关于重新分类的行政命令。</p>
</div><p>But others noted that the implications of the move, which reclassifies some cannabis products for some uses but not others, could create some chaos across the industry's distribution system.</p>
<div class="lb-trans"><p>但其他人指出，这一举动的影响将一些大麻产品重新分类用于某些用途而非其他用途，可能会在行业的分销系统中造成混乱。</p>
</div><p>&#34;That framing helps, but without additional regulatory guidance, the operational complexity runs up the entire supply chain,&#34; Mike Feldman, general counsel at cannabis distributor Nabis, said of the order signed Thursday.</p>
<div class="lb-trans"><p>“这种框架有帮助，但如果没有额外的监管指导，运营的复杂性将贯穿整个供应链，” 大麻分销商 Nabis 的首席法律顾问迈克·费尔德曼对周四签署的命令表示。</p>
</div><p>Cultivators selling to distributors won't know whether their product would ultimately end up in the hands of a medical or recreational consumer, Feldman noted, while distributors don't have guidance yet on how to handle those different categories of transactions. Packagers that run shared production lines, he added, would have to decide whether to separate runs or track their output more granularly.</p>
<div class="lb-trans"><p>费尔德曼指出，向分销商销售的种植者将不知道他们的产品最终会落入医疗消费者还是娱乐消费者手中，而分销商尚未获得如何处理这两类交易的指导。他补充说，运行共享生产线的包装商将不得不决定是分开生产还是更细致地跟踪他们的产出。</p>
</div><p>&#34;Until that guidance comes, operators will have to make defensible choices without a clear framework,&#34; Feldman told MarketWatch.</p>
<div class="lb-trans"><p>“在指导出台之前，运营商将不得不在没有明确框架的情况下做出合理的选择，” 费尔德曼告诉 MarketWatch。</p>
</div><p>Cannabis executives noted the importance of Blanche's announcement, which marks the most significant federal cannabis reform in decades - even though it doesn't federally legalize recreational pot, and doesn't address issues like banking access or prior convictions.</p>
<div class="lb-trans"><p>大麻高管指出，布兰奇的公告的重要性，这标志着数十年来最重要的联邦大麻改革——尽管它并没有在联邦层面合法化娱乐用大麻，也没有解决银行接入或之前定罪等问题。</p>
</div><p>In an example of the celebration and confusion of the news, shares of Canadian cannabis producer Tilray Brands (TLRY) initially surged as much as 18.7% in intraday trading Thursday, but then reversed course to close down 11.8%. On Wednesday, the stock had run up 14.2% in anticipation of an announcement.</p>
<div class="lb-trans"><p>在庆祝与困惑的消息中，加拿大大麻生产商 Tilray Brands（TLRY）的股票在周四的盘中交易中最初上涨了 18.7%，但随后反转，最终收盘下跌 11.8%。周三，该股票因预期公告上涨了 14.2%。</p>
</div><p>Shares of rival Canopy Growth (CGC) lost 11.6% on Thursday, while the stock of U.S. multistate cannabis producer Curaleaf Holdings (CURLF) ended 23.4% lower.</p>
<div class="lb-trans"><p>竞争对手 Canopy Growth（CGC）的股票周四下跌了 11.6%，而美国多州大麻生产商 Curaleaf Holdings（CURLF）的股票最终下跌了 23.4%。</p>
</div><p>Elsewhere, FundCanna CEO Adam Stettner, whose company lends money to the cannabis industry, also noted the finer details of the order.</p>
<div class="lb-trans"><p>此外，向大麻行业提供贷款的 FundCanna 首席执行官亚当·斯特特纳也指出了该命令的细节。</p>
</div><p>&#34;Medical operators may benefit from clearer federal alignment, while nonmedical businesses remain subject to existing Schedule I treatment and its associated constraints,&#34; Stettner said in a statement.</p>
<div class="lb-trans"><p>斯特特纳在一份声明中表示：“医疗运营商可能会受益于更清晰的联邦对齐，而非医疗企业仍然受到现有第一类处理及其相关限制的约束。”</p>
</div><p>Alliance Global Partners analyst Aaron Gray, in a research note, also said the language of the order and the limits of its scope likely added to the confusion on the path toward legalization, and thus Thursday's selloff in pot stocks.</p>
<div class="lb-trans"><p>Alliance Global Partners 分析师亚伦·格雷在一份研究报告中也表示，该命令的措辞及其范围的限制可能加剧了对合法化道路的困惑，从而导致周四大麻股票的抛售。</p>
</div><p>&#34;Given the current blend between medical and adult use channels within state-legal markets, we do believe it would be difficult to not treat both channels the same, as the [Controlled Substances Act] scheduling is traditionally for a drug itself, or specific formulation, rather than use case,&#34; Gray wrote.</p>
<div class="lb-trans"><p>“考虑到州合法市场中医疗和成人使用渠道的当前混合，我们确实认为很难不将这两个渠道视为相同，因为《管制物质法》的分类通常是针对药物本身或特定配方，而不是使用案例，” 格雷写道。</p>
</div><p>Still, he said Blanche's order would help the U.S. cannabis industry save more cash, particularly if Section 280E of the federal tax code - which functions as a tax on industry profits without allowing normal deductions - falls away. And he said it could clear the way for the remaining 10 states that don't have medical pot programs to create them, and open up broader recreational legalization in other states.</p>
<div class="lb-trans"><p>尽管如此，他表示，布兰奇的命令将帮助美国大麻行业节省更多现金，特别是如果联邦税法第 280E 条——对行业利润征税而不允许正常扣除——被废除。他还表示，这可能为剩余 10 个没有医疗大麻项目的州创造这些项目铺平道路，并在其他州开启更广泛的娱乐合法化。</p>
</div><p>&#34;While there may be a combination of some 'sell the news' / confusion on the ... rescheduling having a negative impact on stocks today, we see this as opportunistic given the improved cash flow and pathway to incremental reform remains intact post today's news,&#34; Gray said.</p>
<div class="lb-trans"><p>“虽然今天的股票可能受到一些 ‘卖消息’/困惑的负面影响，但我们认为鉴于现金流的改善和增量改革的路径在今天的消息后仍然保持不变，这是一种机会，” 格雷表示。</p>
</div><p>-Bill Peters</p>
<div class="lb-trans"><p>-比尔·彼得斯</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>04-23-26 1727ET</p>
<div class="lb-trans"><p>04-23-26 1727ET</p>
</div>

大麻重新分类引发了庆祝和困惑，而大麻股票却在抛售