Why Curaleaf Stock Flopped on Friday

In the endless one step forward/two steps back dynamic that is American marijuana legalization, several influential legislators opted to move in reverse Friday. This negatively affected sentiment on cannabis stocks, which included multi-state operator Curaleaf (OTC: CURLF). Shares of the company lost more than 2% of their value that day. The S 500 (SNPINDEX: ^GSPC) did better, with only a 0.6% slide.

President Donald Trump is currently considering a measure to "reschedule" marijuana according to the Drug Enforcement Agency's (DEA) current set of classifications. Such a move would eliminate it from the list of most harmful drugs, de facto legalizing it on the federal level.

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Source Fool.com