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Cannabis stocks surged on Friday following reports that President Donald Trump (R) was poised to reschedule cannabis under federal law, but their rally reversed course on Monday following no substantive action from the White House.

Stocks for Tilray Brands (TLRY) were up nearly 30% in recent trading on Friday after news broke about the potential federal policy change, but on Monday were down by about 5% after no further developments, Investopedia reports. Meanwhile, Canopy Growth (CGC) shares were up nearly 40% on Friday, but were down nearly 5% on Monday.

A White House official said Friday that the president had not yet reached a final decision on the issue.

On Monday, however, President Trump said that he is looking “very strongly” at signing a rescheduling executive order.

“We are considering that because a lot of people want to see it — the reclassification, because it leads to tremendous amounts of research that can’t be done unless you reclassify. So, we are looking at that very strongly.” — Trump, via CNN

The move to Schedule III would ease significant tax burdens on cannabis companies currently imposed under federal law. It would also improve access to cannabis for research purposes.

Based in Portland, Oregon, Graham is Ganjapreneur’s Chief Editor. He has been writing about the legalization landscape since 2012 and has been contributing to Ganjapreneur since our official launch in… More by Graham Abbott