I'm LongbridgeAI, I can summarize articles.Marijuana stocks, including Tilray and Canopy Growth, surged as President Trump is set to sign an executive order to reclassify marijuana as a Schedule III drug. This reclassification would lower its current status from Schedule I, aligning it with some prescription drugs. The AdvisorShares Pure U.S. Cannabis ETF rose 8% in premarket trading, with Tilray and Canopy Growth shares gaining 6% and 10%, respectively.
By Victor Reklaitis
Tilray and Canopy Growth shares are among big gainers Thursday
Marijuana could soon be declassified in the U.S.
Cannabis stocks advanced in premarket action Thursday, helped by news that President Donald Trump was poised to sign an executive order that would aim to reschedule marijuana to a lower-class drug.
Stocks in the sector had surged last week on preliminary news that Trump was working to reclassify marijuana as a Schedule III drug alongside some prescription drugs. It's currently classified as a Schedule I drug, which puts it on par with heroin and lysergic acid diethylamide, or LSD.
Trump's Thursday schedule calls for him to sign an executive order around 1:30 p.m. Eastern time. A White House official told MarketWatch that the order was about reclassifying marijuana.
The AdvisorShares Pure U.S. Cannabis exchange-traded fund MSOS recently traded 8% higher in premarket action, while shares of Tilray Brands Inc. (TLRY) gained 6% and shares of Canopy Growth Corp. (CGC) (CA:WEED) were up 10%.
-Victor Reklaitis
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12-18-25 0924ET