Trump reclassifies marijuana to Schedule III

The move follows a period of intense lobbying and is seen as an attempt by President Trump to regain support among younger voters and influential podcasters.

Reclassification would place marijuana in the same category as some prescription painkillers, a stark departure from its previous status alongside heroin.

Shares of major cannabis stocks surged on the news as the industry anticipates a massive regulatory breakthrough.

However, the Drug Enforcement Administration is expected to implement the changes through a phased approach that will take several months to fully execute.