Shares of U.S. and Canadian cannabis stocks continued their rally on Tuesday, after President Donald Trump a day earlier said he was “very strongly” weighing an executive order to reschedule the drug — a move that would lift some regulations on the substance.

A GOP congressman says President Donald Trump would “wrong” to move forward with a plan to reschedule marijuana, which he described as a “gateway drug” that leads to the use of “harder substances”—despite numerous studies contradicting that theory.

President Donald Trump reiterated that he is “very strongly” weighing an executive order that would reclassify marijuana as a less dangerous drug. While speaking to reporters on Monday, Trump said he is looking into the move, adding that “a lot of people want to see” it happen.

Cannabis users are “greater danger” than alcohol users; Dems push legalization; Senate marijuana banking testimony Subscribe to receive Marijuana Moment’s newsletter in your inbox every weekday morning.

President Donald Trump is expected to push for marijuana reclassification from Schedule I to Schedule III status, sending cannabis stocks soaring.

Trump's decision to move marijuana to Schedule III could ease taxes and expand medical access, but industry leaders warn it may also trigger stricter federal oversight and new legal risks.