TLRY, CGC, IGC Stocks Light Up On Trump Pot Reclassification Hopes This Week

• In December, Trump signed an executive order directing the reclassification of marijuana from a Schedule I to a Schedule III drug in the same category as Tylenol with codeine.
• During a separate Oval Office signing ceremony on psychedelics research earlier this month, Trump directly addressed delays in his own rescheduling directive, saying his administration was “slow-walking.”
• A Schedule I drug classification is reserved for substances deemed to have high abuse potential and no accepted medical use such as heroin and LSD.

The Trump administration is reportedly slated to move to reclassify marijuana as soon as Wednesday.

Axios reported of the upcoming move, citing an administration official.  

Shares of Tilray (TLRY) traded 13% higher at the time of writing. Other publicly traded companies in the space including Aurora Cannabis (ACB), Canopy Growth (CGC), and 
IGC Pharma Inc (IGC) jumped 10%, 20% and 6%, respectively. AdvisorShares Pure US Cannabis ETF (MSOS), meanwhile, rallied 23% higher.

In December, Trump signed an executive order directing the reclassification of marijuana from a Schedule I to a Schedule III drug in the same category as Tylenol with codeine. The order directed Attorney General to expedite the federal reclassification process through the Drug Enforcement Administration. Trump framed the move as focused on recognizing legitimate medical uses and accelerating research, while explicitly stating it does not legalize recreational marijuana.

During a separate Oval Office signing ceremony on psychedelics research earlier this month, Trump directly addressed delays in his own rescheduling directive, saying his administration was “slow-walking.”

A Schedule I drug classification is reserved for substances deemed to have high abuse potential and no accepted medical use such as heroin and LSD.

The Trump administration is expected to classify marijuana as a Schedule III substance, indicating that it has a lesser potential for abuse and is allowed for use in specific medical treatments, but can also create risks of physical or psychological dependence.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around TLRY and CGC are trending in the ‘extremely bullish’ territory, coupled with ‘high’ message volume.

While TLRY stock has gained 70% over the past 12 months, CGC has gained 16%.

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