CNBC reports that President Donald Trump’s administration may ease federal restrictions on marijuana on Monday.
In response, a number of stocks jumped on Friday, including Tilray Brands and Canopy Growth, at 41% and 50%, respectively.
Sources told the outlet that Trump will issue an executive order on Monday to reclassify marijuana so cannabis companies will fall under different tax regulations.
The expectation is it will be reclassified as a Schedule III drug instead of its current Schedule I status. This could take place early next year.
Wisconsin, and especially neighboring Minnesota, have experienced a boom in canned cannabis drinks and gummies after taking advantage of the federal Farm Bill allowing for such products.
A ban on cannabis was inserted into a bill to reopen the federal government after a record-setting shutdown, causing concern for industry makers that they may need to close when it went into effect in a year’s time.
