Cannabis stocks rally on expectations of Trump move to ease curbs
U.S. listed shares of cannabis companies rise ahead of a potential announcement from U.S. President Donald Trump that he will sign an executive order on easing restrictions on the Schedule I narcotic and deem it a less dangerous drug on Thursday
Shares of Cronos Group CRON.TO, CRON.O and Aurora Cannabis ACB.TO, ACB.O, rise 4.3% and 4.5% premarket
Tilray Brands TLRY.TO, TLRY.O up 2.8%, and Canopy Growth WEED.TO, CGC.O jump 10.4% premarket
Stocks have soared since reports last week emerged of Trump's plan to ease the curbs
Under current federal law, marijuana remains a Schedule I controlled substance, which are substances with no currently accepted medical use and a high potential for abuse, alongside LSD and heroin, despite state-level medical legalization in places like California
A potential decision could dismantle a long-standing drug policy that could ease criminal penalties, reduce tax burdens and improve access to capital for the pot industry
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