Embattled Canadian cannabis stocks have been climbing on the hope that the U.S. may ease restrictions on the substance. Staff work in a marijuana grow room that can be viewed by at the visitors centre at Canopy Growth’s former facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. Credit: THE CANADIAN PRESS/Sean Kilpatrick

Canadian pot stocks jump on reports that U.S. may ease cannabis restrictions

August 31 2023 07:05:47

TORONTO – Embattled Canadian cannabis stocks jumped this week on the hope that the U.S. may ease restrictions on the substance.

The Associated Press reported that the U.S. health department has recommended marijuana be moved from a schedule one to a schedule three controlled substance.

U.S. Senate leaders hailed the recommendation Wednesday as a first step toward easing federal restrictions on cannabis.

Shares in Canopy Growth Corp. rose more than 28 per cent Thursday, after climbing nine per cent Wednesday.

Tilray Brands, Inc. shares rose almost 11 per cent, after its stock rose more than 10 per cent Wednesday.

Shares of Aurora Cannabis Inc. rose almost five per cent.

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

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.