The Globe and Mail reports in its Monday edition that potential reforms to cannabis laws in the United States are raising high hopes for a strong rally in marijuana stocks. In a Globe special, Shirley Won writes that cannabis stocks have been beaten up amid false starts for reform in the U.S., where cannabis is illegal federally, but some North American fund managers are cautiously optimistic. On Aug. 29, the U.S. Department of Health and Human Services (HHS) sent a letter to the Drug Enforcement Administration (DEA) recommending cannabis be reclassified as a lower-risk Schedule III drug from Schedule I, which includes heroin and LSD. The review of marijuana rescheduling, which U.S. President Joe Biden requested a year ago, is now in the hands of the DEA. Given precedent, it has typically come up with a proposed rule in about 90 to 100 days. Nawan Butt, a portfolio manager with Toronto-based Purpose Investments, says that rescheduling is key and "would probably be the biggest news in cannabis since its legalization in Canada. It takes away the handicap that the industry has, which is weighing down growth as well as profitability." Mr. Butt co-manages the Purpose Marijuana Opportunities Fund.