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Cannabis stocks soar after the American president said he “looks at” the reclassification.
The President of the United States, Donald Trump, said that his administration “envisaged” the reclassification of cannabis as a less dangerous drug.
Speaking to journalists at the White House on Monday, Trump said he would make a decision on the legal drug classification in the coming weeks.
“This determination, hopefully, will be the right one,” said Trump. “It’s a very complicated subject.”
Trump said that even if he had heard “great things” about cannabis for medical use, he had heard bad things about “almost everything else” to do with the medication.
“Some people like it, some people hate it,” he said. “Some people hate the whole concept of marijuana because if it hurts for children, it hurts for older people than children.”
The actions of cannabis companies have skyrocketed after Trump’s remarks.
The brands of Tilray, based in New York, jumped almost 42%, Canada Village Farms International and the Cormane Growth Corp closing around 34%and 26%respectively.
Trump made his comments after the Wall Street Journal reported last week that he told participants during a recent fundraising dinner that he wanted to reclassify the drug.
Although cannabis is fully legal, especially for recreational use, in 24 American states, the use and possession of drugs are illegal at the federal level.
Cannabis is currently classified as a drug from Annex I, putting it in the same category as heroin, LSD and Ecstasy.
As part of the Drug Classification System Enforcement Administration, the drugs of Annex I are defined as those which were “no medical use currently accepted and great potential for abuse”.
Former President Joe Biden proposed to reclassify cannabis as an annex III medicine – Defined as those who have “moderate at low potential for physical and psychological dependence” – but failed to adopt the change before leaving the office in January.
