Pot Stocks Soar As DoJ Reclassifies Medical Marijuana As Less Dangerous Drug

Pot stocks are moving higher in premarket trading in New York after the Justice Department and DEA announced that FDA-approved marijuana-based drugs and state-licensed medical marijuana products will be moved immediately from Schedule I to Schedule III. This is a major shift in how the federal government classifies these types of cannabis products.

*DOJ RECLASSIFIES MEDICAL MARIJUANA AS A LESS-DANGEROUS DRUG: AP

— zerohedge (@zerohedge) April 23, 2026

The classification is designed to expand access to approved therapies, support state-regulated medical marijuana programs, and make research easier, while still keeping federal controls in place against black market operators.

The reclassification legitimizes medical marijuana programs already operating in 40 states. It also creates a faster DEA registration path for state-licensed medical marijuana operators and protects researchers using state-licensed cannabis products.

“The Department of Justice is delivering on President Trump’s promise to expand Americans’ access to medical treatment options,” Acting Attorney General Todd Blanche stated in a press release.

Blanche continued, “This rescheduling action allows for research on the safety and efficacy of this substance, ultimately providing patients with better care and doctors with more reliable information.”

It appears the Trump administration is taking a two-track approach: immediate relief and policy clarity for medical marijuana and researchers, while also setting up a faster legal roadmap toward broader federal reclassification later.

The news sent marijuana stocks soaring in premarket trading:

Canopy Growth (CGC): $1.48, up about 7%

Tilray Brands (TLRY): $8.50, up about 8%

Aurora Cannabis (ACB): $4.01, up about 5.5%

Cronos Group (CRON): $3, up about 7%

Organigram Global (OGI): $1.67, up about 5%

SNDL (SNDL): $1.77, up about 6.6%

Village Farms (VFF): $3.31, up about 7%

Amplify Alternative Harvest ETF (MJ), which holds several of the major cannabis names listed above, is up nearly 6% in premarket trading. MJ remains flat year-to-date but has rallied 33% over the past month.

Related: 

Half Of Americans Live In States Where Weed Is Legal

Late last year:

“People Begging Me To Do This”: Trump Signs Executive Order Reclassifying Cannabis

Trump is on a roll: 

Psychedelic Stocks Soar After Trump Order; RBC Says Commercialization Path Could Accelerate

DoJ noted, “Today’s order is reflective of the Department of Justice’s continued dedication to common-sense policies and the prioritization of the safety and well-being of all Americans.”