Cannabis ETFs surged Wednesday after Axios reported that the Donald Trump administration is set to reclassify marijuana as a Schedule III drug as soon as today.
The rally was seen across the cannabis industry, with stocks of companies like Tilray Brands Inc (NASDAQ:TLRY) and Canopy Growth Corp (NASDAQ:CGC) surging more than 15% and 23%, respectively. ETFs tracking the industry also benefited significantly, with the AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) jumping more than 25%, while AdvisorShares Pure Cannabis ETF (NYSE:YOLO) gained around 18% and Amplify Alternative Harvest ETF (NYSE:MJ) climbed over 22%. The Amplify Seymour Cannabis ETF (NYSE:CNBS) also posted strong gains of more than 24%, reflecting renewed investor appetite for the beaten-down space.
The proposed reclassification, …
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