Verano Holdings Corp. (VRNO), a multi-state cannabis operator, said its founder and CEO George Archos is celebrating what he called a "historic" announcement confirming that cannabis will be reclassified from Schedule I to Schedule III under the Controlled Substances Act.
Archos thanked President Trump and Attorney General Blanche for their leadership and coordinated efforts in advancing the rescheduling decision.
The company noted that the rescheduling decision marks a major shift for the U.S. cannabis industry, which has long operated under the strictest federal classification despite widespread state-level legalization. Schedule III status is expected to ease research barriers, reduce tax burdens, and expand opportunities for medical and commercial development.
Archos said the move reflects years of coordinated efforts across government and industry, adding that rescheduling could unlock broader health and wellness benefits for patients nationwide. He emphasized that the change has the potential to support the continued growth and normalization of the cannabis sector.
Verano operates across 13 states, with 162 dispensaries under its Zen Leaf and MÜV retail banners, along with 14 cultivation and processing facilities totaling more than 1.1 million square feet of capacity. The company produces a range of regulated cannabis products sold under brands including Savvy, Essence, Encore, BITS, Avexia, and MÜV.
VRNO has traded between $0.46 and $1.95 over the past year. The stock is currently trading at $1.21, down 10.37%.
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