Cannabis stocks rallied sharply on Friday following reports that US President Donald Trump plans to ease federal restrictions on marijuana. Shares of Tilray Brands and Canopy Growth surged more than 44% and 52% respectively, while Innovative Industrial Properties gained nearly 9%. The Amplify Seymour Cannabis ETF jumped over 54%, recording its strongest single-day performance ever.
Sources say Trump may issue an executive order as early as Monday to reclassify marijuana from Schedule I to the less restrictive Schedule III category. This shift would ease tax burdens on cannabis companies and attract wider institutional investment. The Washington Post and Axios reported that federal agencies have been instructed to begin the process, with implementation possible by early next year.
Industry experts and executives described the move as a major boost, though they stressed that full legalisation and broader reforms are still needed to stabilise the long-struggling sector.
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