Shares of marijuana companies soared on Wednesday after reports that top U.S. health officials recommended easing restrictions on the drug’s use.
Shares of Tilray Brands and Canopy Growth Corporation, two of the largest marijuana companies, rose 10% and 13%, respectively, in afternoon trading on Wall Street.
Assistant Secretary of Health Rachel Levine has written to the US Drug Enforcement Administration recommending that marijuana be reclassified as a Class III drug, Bloomberg reported. The drug is currently registered as a Class I drug, the same as heroin, a classification that severely limits the market for products based on it.
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