Tilray, Canopy Growth Stock Rise As Trump Signs Executive Order To Lower Restrictions On Marijuana

Trump clarified that the order is not legalization and does not allow for recreational use.

President Donald Trump on Thursday signed an executive order to reschedule marijuana to make it less restrictive and available for “legitimate medical uses.”

Trump clarified that the order is not legalization and does not allow for recreational use. Trump is seeking to move marijuana from a schedule 1 drug to a schedule 3 drug, from the levels of heroin, down to the levels of tylenol.

Shares of Tilray and Canopy Growth Corp soared 6% and 12%, respectively, at the time of writing. 

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