Cannabis stocks jumped on Friday following reports that President Donald Trump will significantly ease federal restrictions on marijuana, with an executive order seen as coming as soon as Monday, CNBC’s Alex Harring and Brandon Gomez report. Trump is expected to use an executive order to instruct federal agencies to reclassify marijuana as a less regulated Schedule III drug from a Schedule I, the Washington Post reported on Thursday. Such a move would allow cannabis companies to fall under different tax regulations and encourage investment. Axios reported the potential reclassification of pot, out of a group that includes heroin and into a lower tier of less dangerous drugs, such as steroids and Tylenol with codeine, would take place early next year. Publicly traded companies in the space include Aurora Cannabis (ACB), CV Sciences (CVSI), Canopy Growth (CGC), Cronos Group (CRON), Goodness Growth (GDNSF), Green Thumb Industries (GTBIF), IGC Pharma (IGC), Tilray (TLRY), Trees Corporation (CANN) and Trulieve Cannabis (TCNNF).
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ACB:
- Trump Trade: Trump aiming to reduce restrictions on marijuana
- Roth Capital positive on ‘immediate upside’ from cannabis scheduling change
- TLRY, ACB, CGC: Why Are Cannabis Stocks Up Today?
- Trump aims to reduce restrictions on marijuana through executive order, WP says
- Aurora Cannabis announces launch of Black Jelly in Poland