Canadian cannabis stocks spike as U.S. reportedly set to reclassify marijuana

Advertisement

Advertise with us

TORONTO - Canadian cannabis stocks soared Tuesday afternoon after The Associated Press reported the U.S. Drug Enforcement Agency will move to reclassify marijuana as a less dangerous drug.

Read this article for free:


or

Already have an account? Log in here »

To continue reading, please subscribe:

Subscribe and receive a limited-edition Free Press branded hat or tote.

Digital Subscription

One year of digital access for only $205*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles

*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.

To continue reading, please subscribe:

Add Free Press access to your Brandon Sun subscription for only an additional

$1 for the first 4 weeks*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles
Start now

*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.

Hey there, time traveller!
This article was published 30/04/2024 (865 days ago), so information in it may no longer be current.

TORONTO – Canadian cannabis stocks soared Tuesday afternoon after The Associated Press reported the U.S. Drug Enforcement Agency will move to reclassify marijuana as a less dangerous drug.

Canopy Growth Corp. closed up 80 per cent at $20.45, while Aurora Cannabis Inc. and Tilray Brands Inc. closed up 46 per cent and 40 per cent, respectively.

The Associated Press, citing five sources familiar with the matter, reported the DEA’s proposal would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than other, more dangerous drugs.

Staff work in a marijuana grow room at Canopy Growth's Tweed facility in Smiths Falls, Ont., on Thursday, Aug. 23, 2018. Canadian cannabis stocks are soaring after the U.S. Drug Enforcement Administration said it will reclassify marijuana as a less dangerous drug. THE CANADIAN PRESS/Sean Kilpatrick
Staff work in a marijuana grow room at Canopy Growth's Tweed facility in Smiths Falls, Ont., on Thursday, Aug. 23, 2018. Canadian cannabis stocks are soaring after the U.S. Drug Enforcement Administration said it will reclassify marijuana as a less dangerous drug. THE CANADIAN PRESS/Sean Kilpatrick

However, it would not legalize marijuana for recreational use.

Currently, marijuana is listed as a Schedule I drug in the U.S., alongside heroin and LSD, but would be reclassified as a Schedule III drug, alongside ketamine and some anabolic steroids.

The reclassification of the drug in the U.S. could lessen risks for cannabis companies that operate south of the border and potentially improve investor appetite for cannabis stocks.

This report by The Canadian Press was first published April 30, 2024.

Companies in this story: (TSX:TLRY, TSX:ACB, TSX:WEED)

Report Error Submit a Tip

More Stories

‘We feel lucky — and a bit traumatized’: Tornado confirmed in River Heights Sunday

Malak Abas 6 minute read Preview

‘We feel lucky — and a bit traumatized’: Tornado confirmed in River Heights Sunday

Malak Abas 6 minute read Thursday, Sep. 10, 2026

Tanner Lemieux wasn’t surprised to learn the violent winds that tore through River Heights and reached their peak near his home Sunday night have been classified as a tornado.

While driving back to his Lindsay Street home from a shopping trip with his wife Sunday, it became clear they were not in the middle of an ordinary thunderstorm when rain and wind started coming from every direction and hit every side of their truck.

The forceful wind made it impossible for him to open his door after they had parked. He climbed through the window, over the top of his vehicle, and the couple struggled to fight the whipping winds to make it into the house.

“As we were running in, the wind started pulling me backwards out of the door,” he told the Free Press while cleaning debris from his yard Thursday.

Read
Thursday, Sep. 10, 2026

Blown save sees Goldeyes season slip away

Mike McIntyre 4 minute read Preview

Blown save sees Goldeyes season slip away

Mike McIntyre 4 minute read Yesterday at 10:34 PM CDT

THE Winnipeg Goldeyes feasted all year on home cooking.

But they came up empty when they needed it most, falling 6-5 to the Fargo-Moorhead RedHawks on Friday night at Blue Cross Park to end their championship pursuit before it really got going.

The stunning way this must-win game turned is likely going to leave players and the nearly 5,200 fans in attendance with some lingering indigestion.

With a 5-3 lead in the top of the ninth inning, Winnipeg’s normally reliable closer, Derrick Cherry, was brought in with the idea of shutting things down, evening the best-of-three series 1-1 and forcing a winner-take-all showdown on Saturday night.

Read
Yesterday at 10:34 PM CDT

The plane truth about a dangerous president

Editorial 4 minute read Preview

The plane truth about a dangerous president

Editorial 4 minute read Thursday, Sep. 10, 2026

U.S. President Donald Trump has crossed firmly into cutting-off-your-nose-to-spite-your-face territory.

Read
Thursday, Sep. 10, 2026

Canadian cannabis stocks spike as U.S. reportedly set to reclassify marijuana

The Canadian Press 2 minute read Preview

Canadian cannabis stocks spike as U.S. reportedly set to reclassify marijuana

The Canadian Press 2 minute read Tuesday, Apr. 30, 2024

TORONTO - Canadian cannabis stocks soared Tuesday afternoon after The Associated Press reported the U.S. Drug Enforcement Agency will move to reclassify marijuana as a less dangerous drug.

Canopy Growth Corp. closed up 80 per cent at $20.45, while Aurora Cannabis Inc. and Tilray Brands Inc. closed up 46 per cent and 40 per cent, respectively.

The Associated Press, citing five sources familiar with the matter, reported the DEA's proposal would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than other, more dangerous drugs.

However, it would not legalize marijuana for recreational use.

Read
Tuesday, Apr. 30, 2024

Artist’s inspired work brings Red River Métis story back to Portage and Main

Conrad Sweatman 8 minute read Preview

Artist’s inspired work brings Red River Métis story back to Portage and Main

Conrad Sweatman 8 minute read Updated: Yesterday at 2:47 PM CDT

Jennine Krauchi calls them the “grandmothers.” “They speak to you very silently. You never hear a word, but they speak,” Krauchi says, referring to the antique pieces of Métis needlework she’s carefully studied for years. But there are few precedents for her latest art project: a 85-foot-wide by 32-foot-high chain curtain of Métis needlework that drapes over the historic Bank of Montreal’s neoclassical facade.

Read
Updated: Yesterday at 2:47 PM CDT

City rapped for taking five days to remove animal carcass

Morgan Modjeski 2 minute read Thursday, Sep. 10, 2026

A Winnipeg resident said she’s upset it took the city five days to retrieve a dead fawn from her yard after she reported it to 311.

Amy Gelhorn said she and her family noticed the animal carcass in her garden on Saturday. She called 311 and was told it would be picked up after the long weekend.

“It was removed this afternoon,” the north River Heights resident said Thursday. “So it took six days to remove it and we had to basically phone every day.”

She said neighbours on both sides of her house told her they saw the animal acting strangely on Friday and reported their concerns to 311. It’s believed the animal died overnight. As the days dragged on, the body continued to rot.