Cannabis stocks rise after Trump considers executive order to reclassify marijuana

U.S.-listed shares of cannabis firms jump in afternoon trading

President Donald Trump said on Monday he is considering signing an executive order to reclassify marijuana as a less dangerous drug, though he offered no timeline for the move

Shares of Cronos Group CRON.TO, CRON.O, SNDL SNDL.CD, SNDL.O and Aurora Cannabis ACB.TO, ACB.O rise between 3% and 7%

Tilray Brands TLRY.TO, TLRY.O surges 21.7%, and Canopy Growth WEED.TO, CGC.O jumps 15%

The stocks remain above the levels they were at when news of the possible reclassification broke last week

A reclassification could ease criminal penalties and reshape the pot industry by lowering tax burdens and making it easier for firms to secure funding