Cannabis stocks jumped on Friday as the White House prepared to significantly ease federal restrictions on marijuana .

Weed producers Tilray Brands and Canopy Growth jumped more than 28% and 30%, respectively. Cannabis greenhouse operator Innovative Industrial Properties surged more than 10%. The Amplify Seymour Cannabis ETF (CNBS) rallied around 35%. Stock Chart Icon Stock chart icon

Tilray Brands, 1-day

President Donald Trump is expected to issue an executive order as soon as Monday that would allow for reclassification of weed, a source familiar with the matter told CNBC. Such a move would allow cannabis companies to fall under different tax regulations and encourage investment.

Cannabis stocks took a leg up in Friday's midday trading

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