Pot stocks rise as report says US set to reclassify marijuana

Cronos

22/04/2026 17:31

** Cannabis firms rise in afternoon trading following a media report that said U.S. is set to reclassify marijuana

** U.S. administration is expected to announce the move as soon as Wednesday, Axios reports, citing an official familiar with the matter

** Cronos Group CRON.TO and Aurora Cannabis ACB.TO rise 8.5% and 9%, respectively

** Tilray Brands TLRY.TO jumps over 12% and Canopy Growth WEED.TO surges 16.7%

** ETF AdvisorShares Pure US Cannabis MSOS.P up 16.3%

** The decision to reclassify cannabis as a less dangerous drug does not legalize cannabis, but eases the operating environment for companies by improving access to capital, reducing tax burden and accelerating research and development

** Currently, marijuana, along with LSD and heroin, is a Schedule I controlled substance, meaning it has no accepted medical use and a high potential for abuse

(Reporting by Mrinalika Roy)