Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug.
The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year.
Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%.
On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks.
“We’re looking at reclassification and we’ll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one,” Trump said. “It’s a very complicated subject.”
