---
title: "Two cannabis funds fell 11% after a DEA judge paused the marijuana case"
url: "https://etf.net/news/two-cannabis-funds-fell-11-after-a-dea-judge-paused-the-marijuana-case-2026-09-30"
published_at: "2026-09-30T21:14:12.510Z"
updated_at: "2026-09-30T21:14:12.510Z"
byline: "ETF.net Research"
---

# Two cannabis funds fell 11% after a DEA judge paused the marijuana case

The AdvisorShares cannabis fund fell 11% on Wednesday, September 30, after a DEA judge paused the case, and Breakwave's tanker fund rose 8.6%.

By ETF.net Research. Published Sep 30, 2026.

Two U.S. cannabis funds fell **11%** on Wednesday after the Drug Enforcement Administration's chief judge paused the case on moving the rest of marijuana to a lower category under federal drug law.

Chart: **Cannabis** sold off as tanker freight and gasoline rose

AdvisorShares' fund of American cannabis companies, MSOS, holds about $1 billion and closed at $4.52, with about 20 million shares traded, nearly four times Tuesday's volume. Trulieve, about 20% of the fund, fell 12% to $10.90, Green Thumb fell 14%, and Curaleaf fell 4.8%. Amplify's Seymour fund of U.S. cannabis companies, CNBS, fell 11%, and Amplify's Alternative Harvest fund, which holds cannabis companies worldwide, MJ, fell 7.9%.

Derek Julius, the agency's chief administrative law judge, issued the pause on Tuesday. Three opponents, DUID Victim Voices, Kenneth Finn and the National Drug and Alcohol Association, asked him to add a September 23 Government Accountability Office report to the record. The report found gaps in how the federal government decides a drug's category.

He stayed the case while he decides whether to reopen the record. The stay delays further action toward his recommendation on whether the rest of marijuana, including cannabis sold for recreational use, should move from Schedule I, the strictest federal category, to Schedule III, a lower one.

State-licensed medical marijuana was moved to Schedule III in April, and Tuesday's order does not undo that.

Section 280E of the tax code blocks ordinary business deductions for companies that sell Schedule I or Schedule II drugs. The Treasury Department said in April that a move to Schedule III lifts that block, so that cash question is still open for the rest of marijuana.

## Freight rose, and gasoline outran crude

Breakwave's fund of tanker-freight futures, BWET, rose **8.6%** to $803. It holds contracts on the cost of shipping crude from the Middle East Gulf to China.

The fund fell 18% on Tuesday, September 22, fell 7.5% on Thursday, September 24, and rose 11% on Monday, September 28. Today's gain and the past five sessions are the same 8.6%.

By late afternoon, gasoline futures were at $3.27 a gallon, up 4.3% from the prior settle. U.S. crude was at $90.29, up 1%. The United States Gasoline Fund, UGA, which holds those futures, closed up 4.7%.

That gap lines up with a split in supply. Kpler said crude flows through the Strait of Hormuz were back at the prewar pace as of Monday, while shipments of refined fuel were still constrained.

## A sell call, and a departure

Moderna fell 5.4% to $192.57. Citi's Geoff Meacham cut the stock to sell from neutral and raised his price target to $80 from $60. He said the valuation had run ahead of the revenue and earnings he expects, and the new target is still well below that close.

Mattel fell 4.2% to $12.66 after touching a 52-week low. The company said Ynon Kreiz will step down as chairman and chief executive on Friday, October 2, for a senior role at another public company. Board member Roger Lynch will succeed him, as chairman that day and as chief executive by Monday, November 2.

The Drug Enforcement Administration has until Tuesday, October 13 to say whether the Government Accountability Office report should enter the record.

Source: etf.net, https://etf.net/news/two-cannabis-funds-fell-11-after-a-dea-judge-paused-the-marijuana-case-2026-09-30. Please cite the page URL.