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Cannabis stocks ripped today on an Axios scoop that President Donald Trump will move to reclassify marijuana as soon as this week.
Tilray Brands (NASDAQ:TLRY), Canopy Growth (NASDAQ:CGC) and Cronos Group (NASDAQ:CRON) pushed higher on the report, alongside the AdvisorShares Pure US Cannabis ETF (NYSE:MSOS).
But a Polymarket contract on whether marijuana gets rescheduled by June 30 is still at 32%. The same market gives a 65% chance it happens by year-end.
Delays, Delays, Delays
Rescheduling a drug would normally require an HHS review, a proposed rule, a public comment period, a hearing on the record, and a final rule. That process has been underway since 2022 and stalled in May 2024.
Administrative law judge John Mulrooney …
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