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03:02 PM EDT, 04/30/2024 (MT Newswires) -- (Updates with DOJ declined to comment in fourth paragraph.)

Cannabis stocks rose in recent Tuesday trading after the Associated Press reported that the US Drug Enforcement Administration planned to reclassify marijuana as a drug that posed less harm than other substances.

The DEA's plan to bump marijuana down to the Schedule III category from its current Schedule I status would require approval from the White House Office of Management and Budget and follow a period of public hearings and a review by an administrative judge, the report said.

The move won't legalize cannabis for recreational use outright but recognize the plant's medical uses.

The DEA deferred the matter to the US Department of Justice when asked for comment by MT Newswires. The DOJ declined to comment.

Aurora Cannabis (ACB) shares rose 32%, Canopy Growth (CGC) surged 53%, Cronos Group (CRON) jumped 14% and Tilray Brands (TLRY) soared 38%.

Price: 8.32, Change: +2.00, Percent Change: +31.68