Pot Stocks Surge on Report DEA Set to Reclassify Marijuana
- Tilray, Canopy Growth and industry funds jump on the news
- Investors have been waiting for the DEA to act since September
The DEA has been reviewing the classification for marijuana since September after a nudge from the Biden administration.
Photographer: David McNew/Getty ImagesThis article is for subscribers only.
Shares of cannabis-related companies jumped Tuesday after the US Drug Enforcement Administration moved to reclassify marijuana to a less dangerous drug category in what would be a historic shift for the industry.
Tilray Brands Inc. jumped 40%, while Canopy Growth Corp. gained 79%. The MJ PurePlay 100 Index, which tracks the industry globally, rose 22%, the most since October 2022. Meanwhile, the AdvisorShares Pure US Cannabis ETF surged 25% and was halted for volatility in intraday trading.