Cannabis stocks rise as Trump signs order to ease US marijuana regulations

Cannabis firms' U.S.-listed shares rise between 1% and 7% in afternoon trading

U.S. President Donald Trump signs executive order recommending the loosening of federal regulations on marijuana

Cronos Group CRON.O and Aurora Cannabis ACB.O rise 1.1% and 6.7%, respectively

Tilray Brands TLRY.O jumps 2.5% and Canopy Growth CGC.O surges 3.6%

The decision to reclassify cannabis as a less dangerous drug does not legalize cannabis, but eases the operating environment for companies by improving access to capital, reducing tax burden and accelerating research and development

Currently, marijuana, along with LSD and heroin, is a Schedule I controlled substance, meaning it has no currently accepted medical use and a high potential for abuse