Trump expected to sign EO to reclassify marijuana as soon as Monday, CNBC says
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).
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