Cannabis stocks surged Friday in the wake of reports that President Trump is preparing to reclassify marijuana under federal law — a long-awaited shift that investors say could loosen restrictions and revive a battered industry.

Traders piled into pot firms on expectations that Trump will move cannabis from Schedule I to Schedule III under the Controlled Substances Act, a step that would treat marijuana as less dangerous and acknowledge it as acceptable for medical use.

The rally marked one of the biggest single-day moves for cannabis stocks in years, snapping a prolonged slump that has left much of the sector trading at a fraction of its 2021 highs.

Tilray Brands led the charge among major names, jumping sharply as heavy volume poured in. The Canadian cannabis producer was tradin

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