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…

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