Shares of marijuana growers and cannabis-related companies are trading higher Thursday after President Biden announced that the Department of Justice has moved to reclassify marijuana from a Schedule I substance to a Schedule III.

The Details:

The White House announcement comes several weeks after the Department of Justice confirmed the DEA was moving to reclassify cannabis as a Schedule III drug.

President Biden posted a video on the social media platform X with the following caption:

"Too many lives have been upended because of our failed approach to marijuana. So today, the @TheJusticeDept is taking the next step to reclassify marijuana from a Schedule I to a Schedule III drug under federal law."

Major players in the marijuana industry, including Canopy Growth Corporation (NASDAQ:CGC), Aurora Cannabis Inc. (NASDAQ:ACB) and Tilray Brands, Inc. (NASDAQ:TLRY), shares are moving on the long-awaited news.

Smaller marijuana-growers, including IM Cannabis Corp. (NASDAQ:IMCC), and ancillary pot-plays, like Leafly Holdings, Inc. (NASDAQ:LFLY), are also climbing on the news.

Cannabis ETFs, including the AdvisorShares Trust AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) and the Amplify ETF Trust Amplify Alternative Harvest ETF (NYSE:MJ), offer broad exposure to the cannabis industry and are are also up following President Biden's reclassification announcement.

Related News: Biden Announces 'Monumental' Marijuana Rescheduling, DOJ To Take Next Steps

CGC, ACB, TLRY, IMCC Price Action: According to Benzinga Pro, Canopy Growth shares are up 15.7% at $11.47, Aurora Cannabis shares are up 11.4% at $7.93, Tilray shares are up 6.28% at $2.20 and IM Cannabis shares are up 10% at 78 cents at the time of publication Thursday.

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