• The DEA rescheduling hearing that could reclassify marijuana is expected to be held on June 29.
• On Thursday, the Trump Administration pushed Congress to keep hemp CBD products legal by amending the broad ban that would take effect in June.
• Rival cannabis stocks jumped on the bandwagon and climbed on the optimism.

Shares of cannabis company Tilray Brands (TLRY) attracted significant investor buzz on Friday amid optimism over an upcoming regulatory hearing that could legalize marijuana in the United States and a recent Trump administration effort to push Congress to ease hemp regulations to benefit farmers.

At the time of writing, TLRY stock was up nearly 4% premarket and the top-trending ticker on Stocktwits. Shares of peers such as Canopy Growth (CGC), Aurora Cannabis (ACB), and Cronos (CRON) also traded higher. At the same time, the popular marijuana stocks tracker, the AdvisorShares Pure US Cannabis ETF (MSOS), rose more than 8%.

Office Of Management And Budget Statement

According to a statement from the Office of Management and Budget on Thursday, the Trump Administration is urging Congress to redefine final hemp-derived cannabinoid products to allow citizens to benefit from the full-spectrum CBD products before the ban takes effect in November. The update on CBD was mentioned in a statement at a recent meeting discussing the annual agriculture spending bill.

Also adding to the excitement is the Drug Enforcement Administration's broader rescheduling proceeding regarding marijuana expected later this month. The hearing will decide whether the currently classified illegal drug should be moved from Schedule I to Schedule III narcotics for all commercial and medical uses at the federal level.

It is notable that Tilray recently pivoted into the alcohol industry to capitalize on the growing live events and music festival market.

What Do Retail Traders Think About TLRY?

On Stocktwits, retail sentiment about the TLRY stock turned ‘bullish’ from ‘bearish’ amid ‘high’ message volume over the last 24 hours.

One user on the platform believes the DEA rescheduling hearings could change the entire sentiment curve overnight.

Another pointed out that “MSOS breaking out and acting as early indicator for the June rally into the next US rescheduling step is promising.”

TLRY stock has fallen more than 45%, while MSOS has gained over 8% so far this year, underperforming the S&P 500.

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