Boxing legend Mike Tyson celebrated President Donald Trump's executive order reclassifying marijuana from Schedule I to Schedule III drug status.

Cannabis stocks remain under pressure after President Donald Trump signed an executive order Thursday directing the Department of Justice to reschedule marijuana as a lower-class drug. The Department of Justice’s proposed rule,

Canopy Growth stock surged on marijuana rescheduling rumors, then fell after Trump’s order was signed—highlighting profit-taking, delays, and ongoing risks.

The Kansas Bureau of Investigation released a statement saying that growing, distributing or possessing marijuana remains illegal under state and federal law.

The move wouldn't legalize marijuana, but moving it from Schedule I to Schedule III would allow the FDA to study it for medical purposes.

The shift to a Schedule III drug opens the door for federal research and allows the industry to bank like other businesses.