Trump Confirms Marijuana Reclassification Decision To Be Made In ‘Next Few Weeks’

President Donald Trump confirmed on Monday that he is looking at reclassifying marijuana and may announce his final decision in the next few weeks.

"We're looking at reclassification, and we'll make a determination over the next few weeks," Trump told reporters during a press conference about cracking down on crime in Washington, D.C.

His comments come after The Wall Street Journal (WSJ) reported last week that Trump may be interested in changing the drug’s classification. Marijuana-linked stocks like Aurora Cannabis (ACB), Canopy Growth (CGC), Tilray Brands (TLRY), Cronos Group (CRON), and Trulieve Cannabis (TCNNF) were already rallying in pre-market trade on the report. 

They continued to rally after Trump’s confirmation, with Canopy Growth’s stock surging nearly 30% in midday trade. Tilray’s stock jumped 22%, followed by Trulieve’s stock gaining more than 18%. Aurora Cannabis’s stock climbed 12.5% on Monday.

On Stocktwits, retail sentiment around Canopy Growth moved higher within ‘extremely bullish’ territory amid ‘extremely high’ levels of chatter. Meanwhile, retail sentiment around Tilray Brands improved to ‘bullish’ from ‘bearish’ a day ago, and retail sentiment around Trulieve was moved higher within ‘extremely bullish’ territory.

“Some people like it. Some people hate it. Some people hate the whole concept of marijuana, because if it’s bad for the children, it’s bad for people older than children,” the President said, noting that medical marijuana, specifically, may hold benefits. 

“I’ve heard great things to do with medical, and I’ve heard bad things having to do with just about everything else but medical,” he said.

Reclassification of marijuana from a Schedule I drug to a Schedule III drug would ease restrictions, allow tax breaks, and expand medical research. 

Read also: Trump Declares ‘Liberation Day’ in DC, Pushes Takeover Of City Police

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