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

TORONTO — Embattled Canadian cannabis stocks jumped Thursday 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.

This report by The Canadian Press was first published Aug. 31, 2023.

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

The Canadian Press