After soaring in late trading Thursday, Canadian pot stocks Tilray Brands (NASDAQ: TLRY), Canopy Growth (NASDAQ: CGC), and Aurora Cannabis (NASDAQ: ACB) are plunging Friday. As of 11:20 a.m. ET, Tilray shares were down 15.8%, Canopy was down 17.8%, and Aurora stock dropped 12%. 

Cannabis stocks took off Thursday after President Joe Biden announced he was pardoning thousands of people who had federal convictions for simple marijuana possession, and -- perhaps more importantly -- said he had initiated a government review on how the drug is classified. Marijuana is currently classified as a Schedule 1 drug. That's the same level as heroin, and a higher level than fentanyl  or methamphetamine. A reclassification could potentially allow Canadian marijuana companies to enter the U.S. market. 

Image source: Getty Images.

Continue reading

Source Fool.com