"Reports first emerged last week that the Trump administration might change marijuana from a Schedule I drug to a Schedule III drug, which would lessen restrictions on it. On Monday, President Trump told reporters that he was "considering" the reclassification. "We are considering that because a lot of people want to see it-the reclassification, because it leads to tremendous amounts of research that can't be done unless you reclassify," Trump stated, according to CNN. "So, we are looking at that very strongly.""
"The potential of a reclassification has been enough to bolster shares of cannabis companies since the opening bell on Friday. Below are just some of the impressive jumps to watch. Tilray Brands Inc. (Nasdaq:TLRY) Closing on Tuesday: 27.54% Five-day growth: 71.97% Premarket growth on Wednesday: 3.66% Cresco Labs Inc (OTCQX: CRLBF) Closing on Tuesday: 34.93% Five-day growth: 123.11% After-hours growth: -0.23%"
The Trump administration is considering reclassifying marijuana from Schedule I to Schedule III, which would lessen restrictions and enable more research. President Trump said he was "considering" the reclassification and cited increased research opportunities as a reason. A White House official stated that no final decision had been made. The prospect of reclassification boosted cannabis equities, with companies such as Tilray, Cresco Labs, Canopy Growth, Curaleaf and Trulieve showing double-digit daily gains and substantial five-day growth. Most cannabis stocks, however, remain well below their early 2021 highs.
Read at Fast Company
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