As Wall Street piled back into cannabis stocks on Friday, many in the insurance industry were asking a different question: if Washington moves ahead with a major softening of federal marijuana rules, is the long‑deferred boom in cannabis cover finally about to arrive?

Shares in major producers and funds surged after reports that President Donald Trump is expected to issue an executive order as soon as Monday directing federal agencies to reclassify marijuana. One person familiar with the plans told CNBC that the order would pave the way for the drug to be moved from tightly policed Schedule I status to the less restrictive Schedule III category under federal law, a shift that would bring it in line with “steroids and Tylenol with codeine.”

Tilray Brands and Canopy Growth jumped more than

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