Cannabis stocks surged on Friday after the Washington Post reported that President Donald Trump is expected to push the government to “dramatically loosen” federal restrictions on marijuana.
The rescheduling move would reduce oversight of the plant to that of common prescription pain killers and other pharmaceuticals, though it would not legalize or decriminalize the substance, the outlet reported Thursday.
Trump spoke of the plan with House Speaker Mike Johnson (R-LA), Health Secretary Robert F. Kennedy Jr., Centers for Medicare and Medicaid Services (CMS) Administrator Mehmet Oz, and marijuana industry executives during a call on Wednesday, people familiar with the conversations told the publication.
A White House official said that no final decisions have been made on the reclassification of marijuana from a Schedule I to a Schedule III drug, though CNBC reported that the president could sign an executive order as soon as Monday.
After the plans were revealed, “cannabis stocks rose,” according to the report. Weed producers Tilray Brands and Canopy Growth shot up more than 44 percent and 53 percent, respectively.
Cannabis greenhouse operator Innovative Industrial Properties jumped more than 10 percent, and Amplify Seymour Cannabis ETF (CNBS) increased around 53 percent.
“I’m a lot more optimistic than I ever have been,” Tilray CEO Irwin Simon told CNBC of the potential cannabis reclassification.
Olivia Rondeau is a politics reporter for Breitbart News based in Washington, DC. Find her on X/Twitter and Instagram.
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