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StocksMediumUpdated×7•Originally published 20 April 2026•Updated 22 April 2026•

1 min read

Psychedelic and Cannabis Stocks Surge on Trump Fast-Track and Reclassification Reports

Fortified uniQure building, fences, caution tape, security cameras. FDA buildings, US flags, justice symbols. Charts on tablets and papers.

Key Facts

1Enveric Biosciences stock surged more than 92% in premarket trading.

about 1 month ago

Version History

Version 7about 1 month ago

What changed: Added specific mention of Canopy Growth (CGC) and confirmed its positive price reaction to the policy reports during Wednesday's session.

Version 6about 1 month ago

What changed: The story was updated to include the cannabis sector following reports that the Trump administration is ready to reclassify cannabis via executive order.

Version 5about 1 month ago

What changed: Added details regarding the $50 million federal funding allocation, the specific focus on ibogaine, and the public backing from Robert F. Kennedy Jr. and Joe Rogan.

Version 4about 1 month ago

What changed: Added KALA BIO as a specific corporate entity responding to and benefiting from the executive order.

Version 3about 1 month ago

What changed: Updated to include the 3-day rally timeframe, quantify Compass Pathways' pre-announcement decline, and identify the upcoming TRD therapy regulatory filing.

Version 2about 1 month ago

What changed: Added AtaiBeckley to the list of surging stocks and specified that the primary therapeutic focus of these developments is depression.

Version 1about 1 month ago

What changed: The story was updated to include Compass Pathways reaching a two-year high, highlighting the international impact of the executive order on UK-based firms.

Psychedelic biotech and cannabis stocks experienced a massive rally following reports that the Trump administration is preparing executive orders to fast-track drug approvals and reclassify cannabis. The potential reclassification of cannabis is expected to unlock medical research opportunities, with Canopy Growth (CGC) seeing a strong rally during Wednesday afternoon trading. This expansion follows an initial $50 million federal allocation focused on ibogaine for addiction treatment, which saw Enveric Biosciences surge by over 92%. Other firms, including Tilray and NRx Pharmaceuticals, also gained momentum as the administration moves to reduce bureaucratic hurdles for the industry. High-profile advocacy from figures like Robert F. Kennedy Jr. has added significant political tailwinds to the sector. These market movements underscore investor optimism toward a more favorable regulatory environment for innovative mental health and medical therapies.