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Cannabis stocks surge as Biden administration moves to reclassify marijuana

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Stocks linked to cannabis surged on an otherwise down day for the market.

The Biden Administration plans to reclassify marijuana as a Schedule III substance, placing it alongside Tylenol with codeine, anabolic steroids and testosterone, four sources familiar with the decision told NBC News.

Marijuana has been a Schedule I substance for more than 50 years, the same category as heroin and methamphetamines.Cannabis stocks leapt on Tuesday afternoon, buoyed by a Biden administration decision to ease federal restrictions on marijuana. The U.S. Drug Enforcement Administration is expected to approve an opinion by the Department of Health and Human Services to reclassify marijuana as a Schedule III substance,Marijuana has been labeled a Schedule I substance for more than 50 years, the same as methamphetamine and heroin.

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