Shares of cannabis-related companies surged in Tuesday trading, with Tilray Brands jumping as much as 33%, while Canopy Growth Corp. soared nearly 40%. Meanwhile, the MJ PurePlay 100 Index, which tracks 95 global stocks exposed to the cannabis industry, climbed about 18%, its biggest one-day gain since October 2022. "Rescheduling is likely to bring a vibrant return of investor interest that could quickly move the sector back to robust optimism," said Morgan Paxhia, co-founder of Poseidon Investment Management, which invests in cannabis. A majority of Americans believe marijuana should be decriminalized for recreational or medical use, a policy that Biden said he would pursue while in office but that still lacks widespread support in Congress. Biden's favorability has waned among key voting blocs that favor legalization that he needs to win reelection, including young voters and Black Americans.