By Josh Beckerman

Canopy Growth and Tilray Brands shares rose after the Justice Department submitted a proposed regulation to reschedule marijuana under the Controlled Substances Act.

Shares of Canopy Growth were up 17% to $11.60, while Tilray Brands shares were up 7.5% to $3.01 in recent trading.

The DOJ said the proposal emphasizes marijuana's "currently accepted medical use" in the U.S.

Shares of several cannabis companies increased in late April following an Associated Press report that said the U.S. Drug Enforcement Administration may reclassify marijuana to Schedule III from Schedule I.

Write to Josh Beckerman at

(END) Dow Jones Newswires

05-16-24 1413ET