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WASHINGTON, April 22 (Reuters) – The United States administration is expected to move to reclassify marijuana as soon \u200cas Wednesday, Axios reported, citing an official familiar \u200cwith the matter, sending U.S. stocks of cannabis-related companies higher.<\/p>\n
The decision \u200bto reclassify marijuana would represent one of the most significant federal changes to marijuana policy in decades, removing barriers to researching the drug’s potential use cases.<\/p>\n
In December, U.S. President Donald \u200cTrump signed an \u2060executive order directing the loosening of federal regulations on marijuana, paving the way for reclassification.<\/p>\n
The \u2060move could lead to the psychoactive plant being listed alongside common painkillers, ketamine and testosterone as a less dangerous \u200bdrug.<\/p>\n
It would \u200balso likely reshape the cannabis \u200bindustry by lowering tax \u200cburdens and make it easier for companies to secure funding, benefiting firms like Canopy Growth, Tilray Brands, Trulieve Cannabis.<\/p>\n
U.S.-listed shares of Canopy surged 23% while Tilray rose 15% following the Axios report.<\/p>\n
The Justice Department and its Drug Enforcement \u200cAdministration did not immediately respond \u200bto requests for a comment. The \u200bdecision to reclassify marijuana \u200brests with the DEA.<\/p>\n
Marijuana is the most widely \u200cused illicit drug in the \u200bworld and the \u200bUnited States. Nearly one in five U.S. residents use it a year, according to the U.S. Centers \u200bfor Disease Control \u200cand Prevention, Reuters reported in December.<\/p>\n
(Reporting by Bhargav \u200bAcharya and Daphne Psaledakis, additional reporting by Padmanabhan \u200bAnanthan; editing by Caitlin Webber)<\/p>\n<\/div>\n