Cannabis stocks surged on Friday following reports that President Trump plans to push to ease federal restrictions on marijuana.
The White House is expected to direct federal agencies to reclassify cannabis as a less-dangerous drug, according to the Washington Post and Bloomberg News. Trump voiced support for reclassifying cannabis on the campaign trail last year.
That move wouldn’t legalize cannabis federally. But it would ease tax burdens and boost profitability for cannabis companies in states where they legally operate.
