US Cannabis Reclassification: Sector Stocks Surge on Wall Street

Published: 2026-04-23 10:09:29 ET TLRY

The Trump administration has announced a reclassification for certain cannabis-based products, a decision that immediately boosted sector stocks on Wall Street.

Esteban Tesson

Published on 04/23/2026 at 10:09 am EDT

The Department of Justice has announced the immediate classification into Schedule III of FDA-approved cannabis products, as well as those regulated under state licenses for medical use. Concurrently, an expedited hearing is scheduled for June to examine the possibility of an official federal rescheduling of cannabis from Schedule I."Together, these actions provide immediate and long-term clarity for researchers, patients, and healthcare providers, while maintaining strict federal controls against illicit drug trafficking," the Department of Justice said.Following this announcement, major industry players posted significant gains from the Wall Street opening. Among the beneficiaries are Tilray Brands, up nearly 10%, Innovative Industrial Properties, gaining approximately 3%, and High Tide, which advanced by almost 8%.