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<\/figure>\n<\/div>\n\n\nPresident Donald Trump is expected to sign an executive order to reclassify marijuana as soon as Monday.<\/p>\n\n\n\n
Cannabis stocks jumped Friday as the White House prepared to significantly ease federal restrictions on marijuana.<\/p>\n\n\n\n
Weed producers Tilray Brands and Canopy Growth jumped more than 44% and 52%, respectively. Cannabis greenhouse operator Innovative Industrial Properties surged nearly 9%. The Amplify Seymour Cannabis ETF (CNBS) rallied more than 54% for its best day on record.<\/p>\n\n\n\n
President\u00a0Donald Trump\u00a0is expected to issue an executive order as soon as Monday that would allow for the reclassification of marijuana.<\/p>\n\n\n\n
Such a move would allow cannabis companies to fall under different tax regulations and encourage investment.<\/p>\n\n\n\n
Cannabis stocks took a leg up in Friday\u2019s midday trading following CNBC\u2019s report.<\/p>\n\n\n\n
The Washington Post first reported Thursday that Trump was expected to use an executive order to instruct federal agencies to reclassify marijuana as a less-regulated Schedule III drug from a Schedule I. Axios reported that the potential reclassification of marijuana \u2014 out of a group that includes heroin and into a lower tier of less dangerous drugs, such as steroids and Tylenol with codeine \u2014 would take place early next year.<\/p>\n\n\n\n
Trump floated a change in marijuana\u2019s classification in August.<\/p>\n\n\n\n
\u2033Trump rescheduling marijuana was not an if, in our assessment, but a when,\u201d Ed Groshans of Compass Point, a middle-market investment bank, wrote to clients in a Friday note.<\/p>\n\n\n\n
Groshans said the reported change would be \u201cpositive\u201d for the cannabis industry, allowing banks to serve the sector.<\/p>\n\n\n\n
He said he expects that if Trump orders cannabis to be rescheduled, the Drug Enforcement Administration would finalize a proposed rule for the reclassification by the summer.<\/p>\n\n\n\n
Bill Kirk, senior research analyst at Roth, said he\u2019s also monitoring whether the Supreme Court decides next week to hear a case on state regulations and federal prohibition of cannabis. A positive ruling for the industry in that case could speed up regulatory timelines.<\/p>\n\n\n\n
The industry sees the latest moves as a sign of progress to normalize pot under national law.<\/p>\n\n\n\n
\u201cI\u2019m a lot more optimistic than I ever have been,\u201d Tilray CEO Irwin Simon told CNBC.<\/p>\n\n\n\n
Shawn Hauser, partner at cannabis-focused law firm Vicente LLP, said a reclassification would mark only a \u201cpartial victory,\u201d as the sector will need to continue fighting for legalization. However, she said the momentum can press Congress to create a regulatory framework that offers broader changes around safety, access, and criminal justice reform than what rescheduling provides.<\/p>\n\n\n\n
\u201cThis [is] the beginning of a new era of public health policy,\u201d Hauser said. \u201cIf implemented, it dismantles nearly a century of outdated drug policies that fly in the face of science and medicine.\u201d<\/p>\n\n\n\n
Get Morning Squawk directly to your inbox<\/p>\n\n\n\n
The Morning Squawk newsletter by Alex Harring is your rundown of five things to know before the stock market opens.<\/p>\n\n\n\n
Pot stocks have struggled since a brief mania around public growers and dispensaries in the years before Covid, even as cannabis has received broader acceptance and some states have eased their classifications.<\/p>\n\n\n\n
Tilray shares were recently trading at a little more than $10 after peaking at more than $2,140, adjusted for splits, in September 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"
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