Weed Stocks Rally After Biden Makes Marijuana Reclassification Announcement

Shares of marijuana growers and cannabis-related companies are trading higher Thursday after President Biden announced that the Department of Justice has moved to reclassify marijuana from a Schedule I substance to a Schedule III. 

The Details:

The White House announcement comes several weeks after the Department of Justice confirmed the DEA was moving to reclassify cannabis as a Schedule III drug.

President Biden posted a video on the social media platform X with the following caption: 

"Too many lives have been upended because of our failed approach to marijuana. So today, the @TheJusticeDept is taking the next step to reclassify marijuana from a Schedule I to a Schedule III drug under federal law."

Major players in the marijuana industry, including Canopy Growth Corporation CGC, Aurora Cannabis Inc. ACB and Tilray Brands, Inc. TLRY, shares are moving on the long-awaited news. 

Smaller marijuana-growers, including IM Cannabis Corp. IMCC, and ancillary pot-plays, like Leafly Holdings, Inc. LFLY, are also climbing on the news. 

Cannabis ETFs, including the AdvisorShares Trust AdvisorShares Pure US Cannabis ETF MSOS and the Amplify ETF Trust Amplify Alternative Harvest ETF MJ, offer broad exposure to the cannabis industry and are are also up following President Biden's reclassification announcement. 

Related News: Biden Announces ‘Monumental’ Marijuana Rescheduling, DOJ To Take Next Steps

CGC, ACB, TLRY, IMCC Price Action: According to Benzinga Pro, Canopy Growth shares are up 15.7% at $11.47, Aurora Cannabis shares are up 11.4% at $7.93, Tilray shares are up 6.28% at $2.20 and IM Cannabis shares are up 10% at 78 cents at the time of publication Thursday.

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