Canadian Cannabis Stocks Jump on Report U.S. May Move to Reclassify Marijuana

Dow Jones04-23 00:46

By Adriano Marchese

Canadian cannabis companies surged Wednesday after an Axios report said that the Trump Administration could move to reclassify marijuana.

Among the biggest gainers were Curaleaf Holdings, which rose 19% to 4.97 Canadian dollars ($3.64), while Tilray advanced by 9.5% to C$10.33. Canopy Growth was also up over 13% at C$1.77 and Aurora Cannabis increased by 7.4% to C$5.24.

The Trump administration is expected to reclassify cannabis as soon as Wednesday, Axios reported Wednesday, citing an administration official familiar with the matter.

In recent years, the U.S. has moved toward reclassifying marijuana by shifting it from the strict Schedule I category to a less restrictive Schedule III, driven by federal health recommendations and a 2025 executive order directing agencies to expedite the change.

The report said that the reclassification wouldn't immediately legalize marijuana, nor affect the sentences of individuals who were incarcerated for possessing it.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

April 22, 2026 12:46 ET (16:46 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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