Cannabis companies like Tilray Brands and Canopy Growth could soon face a more mellow path ahead following President Donald Trump's move to help reclassify the drug's status.
The companies had a mostly muted reaction to Trump's executive order, though the sector has been gaining ground since last week in anticipation of the move. Trump's executive order would speed up the Drug Enforcement Administration's process that would shift the drug's current classification as a Schedule I drug, alongside heroin and LSD. Cannabis would instead be a Schedule III substance, like ketamine and some anabolic steroids.
