02:42 PM EDT, 04/30/2024 (MT Newswires) -- Cannabis stocks were up in trading Tuesday after the Associated Press reported that the US Drug Enforcement Administration planned to reclassify marijuana as a drug that posed lesser harm than other substances.

The DEA's plan to bump marijuana down to the Schedule III category from its current Schedule I status would require approval from the White House Office of Management and Budget and follow a period of public hearings and a review by an administrative judge, the report said.

The move will not legalize cannabis for recreational use outright, but recognize the plant's medical uses.

The DEA deferred the matter to the US Department of Justice when approached by MT Newswires. The DOJ did not immediately respond to a request for comments.

Aurora Cannabis ( ACB ) was up 22% in trading Tuesday; Canopy Growth ( CGC ) rose 34%; Cronos Group ( CRON ) jumped 10%; and Tilray Brands ( TLRY ) ballooned 30%.

Price: 7.72, Change: +1.40, Percent Change: +22.09