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Green Rush Reloaded: Pot Stocks Soar On Trump Push For Rescheduling
Trump has reportedly discussed the idea with HHS Secretary Robert F. Kennedy Jr., CMS Administrator Mehmet Oz, and industry insiders, including Trulieve CEO Kim Rivers and payments executive Howard Kessler.
In the markets, Tilray Brands surged 32%, Canopy Growth soared 36%, Aurora Cannabis climbed 14%, SNDL leaped 21%, and Cronos Group advanced 8%.
However, taking a broader view, these pot stocks have been beaten down since the pandemic frenzy.
No final decision has been made, according to the White House.
In a move seen as long overdue by many people on both sides of America's left-right political divide, President Trump is expected to use an executive order to dramatically reduce federal restrictions on marijuana. The order, which may come in the next few weeks, will direct federal agencies to move toward reclassifying marijuana as a "Schedule III" drug, which would put it on the same level as common prescription painkillers. The shift would carry implications for not only for patients, medical researchers and recreational users, but the many companies seeking to thrive in the evolving US cannabis market as well.
Marijuana has been a Schedule I drug since the 1970 passage of the Controlled Substances Act. Schedule I drugs are defined as those without any "currently accepted medical use" and "high potential for abuse," which means marijuana has spent 55 years being treated by the feds as if it were as medically useless and dangerous as heroin or meth. If marijuana moves to Schedule III, its new peers would be drugs like Tylenol with codeine, anabolic steroids and testosterone.
The Justice Department in 2024 recommended shifting cannabis to Schedule III, prompting a formal review by the Drug Enforcement Administration. However, progress has been stalled with legal challenges and agency delays, leaving the issue and industry in limbo. -- Bloomberg
Trump reportedly discussed the move in a Wednesday phone call with House Speaker Mike Johnson (R-LA), marijuana industry executives, Health Secretary Robert F. Kennedy Jr, and Centers for Medicare and Medicaid Services chief Mehmet Oz, according to the Post's sources.