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Key Takeaways TLRY rose 44.1% on Friday after reports that an executive order could reclassify marijuana under federal law.Tilray Brands rallied as the reclassification could ease banking limits, tax burdens and investment barriers.Before the surge, TLRY was down 36.6% YTD, highlighting how quickly sentiment shifts on reform signals.Shares of cannabis producer Tilray Brands, Inc. (TLRY) surged 44.1% on Friday, Dec. 12, 2025, on reports that President Donald Trump is expected to sign an executive order as ea ...

Core Insights - Cannabis stocks experienced a significant surge on December 12, 2025, due to reports of President Trump's plans to ease federal marijuana regulations by reclassifying it to Schedule III from Schedule I, leading to increased investor optimism [1][2] - The potential reclassification could allow cannabis companies to benefit from different tax regulations and encourage further investment, with expectations for the change to materialize early next year [2][4] - The reported policy change is viewed positively by industry experts, as it would facilitate banks in providing services to cannabis-related businesses, with a finalized rule anticipated by summer 2026 [4] Market Performance - Major cannabis ETFs saw substantial gains on December 12, 2025, including Amplify Seymour Cannabis ETF (CNBS) up over 54%, Roundhill Cannabis ETF (WEED) up 55.7%, Advisorshares Pure US Cannabis ETF (MSOS) up 54.3%, Amplify Alternative Harvest ETF (MJ) up 42.8%, Advisorshares Pure Cannabis ETF (YOLO) up 34.5%, and Cambria Cannabis ETF (TOKE) up 20.9% [1][3] - Despite the recent surge, cannabis stocks have faced challenges since the pre-Covid boom, with Tilray (TLRY) shares down approximately 84.4% over the past five years and the MJ ETF declining about 78.9% during the same period [5][6] Industry Outlook - The potential regulatory shift is seen as a step towards normalizing cannabis under federal law, with increasing acceptance and easing regulations in several states [5] - The cannabis industry has shown signs of recovery during Trump's second term, evidenced by a 37% increase in the MJ ETF and a 53.9% surge in the MSOS ETF [6]

A quiet news day didn't stop several high-volatility healthcare and cannabis stocks from posting sharp after-hours gains on Friday, with traders leaning into recent catalysts and technical momentum.Tilray Brands, Inc. (TLRY): +11.36% After HoursTilray jumped to $13.53, extending a volatile week following its one-for-ten reverse stock split, effective December 1. Shares had closed at $12.15, already up 44.13% on the day. While no fresh news hit on Friday, investors continued to digest the company's restruct ...

Core Insights - The cannabis industry is poised for increased profitability as shares of Tilray Brands surged 65% in a week, driven by investor optimism regarding potential regulatory changes from the Trump administration [1][5]. Regulatory Changes - President Trump is reportedly considering reclassifying marijuana from a Schedule I drug to a Schedule III drug, with a decision expected as soon as December 15 [3]. - Schedule I drugs are defined as having no accepted medical use and a high potential for abuse, while Schedule III drugs have moderate to low potential for dependence [4]. Financial Implications - A reclassification could facilitate cannabis companies' access to banking and traditional financial services, and allow them to claim federal tax deductions for business expenses currently disallowed [6]. - This regulatory shift is likely to enhance after-tax profits for Tilray and other cannabis producers, potentially leading to a more lucrative market environment [6].

Core Insights - U.S.-listed cannabis stocks are gaining attention due to potential federal marijuana policy changes, specifically the reclassification of cannabis from Schedule I to Schedule III under the Controlled Substances Act [1][2] - This reclassification could lead to significant federal reforms, easing regulatory pressures, reducing taxes, and attracting institutional capital, which has already resulted in a rally in cannabis equities [2][3] Industry Overview - The potential rollback of Section 280E is a key factor, as it currently prevents cannabis companies from deducting ordinary business expenses, which would improve after-tax profitability and cash flow if reclassified [3] - Better access to banking and capital markets could support valuation expansion for financially disciplined operators [3][4] Company Analysis: Tilray Brands - Tilray Brands (NASDAQ: TLRY) is positioned to benefit from renewed optimism around federal reform, reporting approximately $200 million in revenue, with cannabis contributing nearly half [5] - The company achieved positive adjusted EBITDA of about $13 million and returned to net profitability, ending the quarter with over $400 million in cash and marketable securities [6] - Tilray's valuation is sensitive to regulatory changes, and it serves as a primary entry point for institutional investors, which could lead to accelerated capital inflows upon confirmation of reclassification [7][8] Company Analysis: Canopy Growth - Canopy Growth (NASDAQ: CG) is seen as a leveraged play on U.S. cannabis reform, with a stock rally of over 50% following regulatory news, closing at $1.74 [11] - For Q2 fiscal 2026, Canopy reported approximately $49 million in revenue, with adult-use cannabis revenue increasing by about 30% year-over-year and medical cannabis revenue rising roughly 17% [13] - Although still unprofitable, Canopy's adjusted EBITDA losses are narrowing, and its liquidity position has improved, with cash exceeding total debt by approximately $51 million [14][15]

Group 1: Canadian Tech Sector - Celestica Inc. shares fell 12.92% due to "AI skepticism," impacting the overall index negatively [1] Group 2: Canadian Cannabis Companies - Tilray Brands Inc. shares increased by 44.35%, Canopy Growth Corp. shares rose by 52.87%, Aurora Cannabis Inc. shares were up 19.04%, and Organigram Global Inc. shares increased by 16.81% following reports of potential easing of federal restrictions on cannabis by U.S. President Donald Trump [2] - The aggressive legalization in the U.S. could revitalize Canadian cannabis stocks, which had previously seen significant declines [2] Group 3: Canadian Economic Indicators - Investors are anticipating November inflation data, with a consensus forecast of 2.3% headline inflation, which will provide insights into the Canadian economy's health [3] - The Bank of Canada policy rate is currently at 2.25% [3] Group 4: U.S. Market Performance - Broadcom's shares dropped 11.4% despite reporting stronger-than-expected profits, contributing to market concerns about the AI sector [4] - Oracle's shares fell nearly 11% after reporting better-than-expected profits, raising fears about high valuations in the AI market [5] - The S&P 500 index was notably affected by declines in Broadcom and Nvidia, with Oracle's results causing disappointment among investors [5] Group 5: Market Indices and Commodities - The Dow Jones industrial average decreased by 245.96 points, the S&P 500 index fell by 73.59 points, and the Nasdaq composite dropped by 398.69 points [6] - The Canadian dollar traded at 72.63 cents US, and crude oil prices fell by 16 cents to US$57.44 per barrel, while gold prices increased by US$15.30 to US$4,328.30 per ounce [6]

Tilray's stock, and shares of other cannabis companies, soared after reports provided investors hope that President Trump would move to have marijuana reclassified as a much less dangerous drug than i... ...

Core Insights - The U.S. marijuana industry has faced stagnation due to federal inaction on reclassification or decriminalization, with cannabis classified as a Schedule I drug, limiting research and access to banking services [1][2] - President Trump's potential executive order to reclassify marijuana as a Schedule III substance could significantly impact the industry, attracting institutional investors and improving banking access [3][5][8] Industry Overview - The U.S. marijuana market is valued at approximately $32 billion, with state-level sales exceeding $30 billion annually, yet investors remain cautious due to the Schedule I classification [3][8] - Reclassification could double industry growth rates to 20% annually, although full effects may take 12 to 18 months due to rulemaking delays [8] Company Impacts Tilray Brands (TLRY) - Tilray could benefit from eased U.S. entry and the ability to import medical products interstate, with fiscal 2025 revenue reaching $821 million, up 4% [9] - The end of the 280E tax penalty could boost after-tax profits by 40% to 70%, allowing for expansion [10] Canopy Growth (CGC) - Canopy Growth, already profitable in Canadian medical sales, could see significant savings of $50 million to $70 million annually from eased tax burdens, funding U.S. market entry [12][13] - The company aims for a 30% increase in EBITDA by 2027, leveraging its global presence [13] Aurora Cannabis (ACB) - Aurora Cannabis stands to gain from reclassification, which would ease research and distribution of its pharmaceutical-grade products [14] - The company reported a fiscal Q2 2026 net income of $81 million Canadian, with potential for 15% revenue growth [15] Legislative Context - Trump's executive order aims to bypass administrative hearings and expedite marijuana's shift to Schedule III, which recognizes moderate abuse potential and accepted medical value [5][10] - While reclassification does not fully legalize marijuana, it could unlock significant changes in the industry landscape [7][10] Market Sentiment - Following news of the potential executive order, cannabis stocks like Tilray, Canopy Growth, and Aurora Cannabis saw double-digit percentage gains, indicating renewed investor interest [4][6]

Core Insights - Cannabis stocks experienced significant gains following reports that President Trump may soon reclassify marijuana to a less dangerous substance, with Tilray Brands (TLRY) rising nearly 30% and Canopy Growth (CGC) increasing by almost 40% [1][6] Industry Impact - The potential reclassification of marijuana from a Schedule I drug to a Schedule III drug would alleviate financial and regulatory burdens on cannabis producers, potentially enhancing financial access for these companies [3][5] - Currently, marijuana remains illegal under federal law, despite its legalization in many states for medicinal or recreational use, which limits research and imposes stricter penalties [4] - A lower classification would benefit the cannabis industry by reducing taxes and easing banking regulations, allowing for greater use of credit cards and other financial services [5]