Why the Elixinol (ASX:EXL) share price popped 43% today

The Elixinol Global Ltd (ASX: EXL) share price soared today, after it was announced that the United Nations (UN) has rescheduled its classification of cannabis. According to the company, this is expected to favourably impact its global business.

The Elixinol share price went flying as a result, gaining 43.24% today. This takes shares in the company up to a price of 26 cents.

What happened

Today it was announced that the UN has officially rescheduled cannabis, after the UN’s Commission on Narcotic Drugs (CND) voted to accept the World Health Organization’s recommendation.

Moreover, the vote acknowledged the medicinal usefulness of cannabis and clarified that cannabidiol (CBD) is not under international drug control.

What now for…