DEA Deadline Today Puts Cannabis Rescheduling Back in Focus

The Drug Enforcement Administration set today, August 17, as the cutoff for post-hearing submissions on moving cannabis from Schedule I to the less restrictive Schedule III classification. The deadline has drawn renewed attention to cannabis equities, with Tilray Brands among the most actively traded names in the sector.

Options activity in Tilray has spiked ahead of the cutoff, with data services flagging unusually active options classes at recent market opens. The stock nonetheless remains near its 52-week low. Analyst views are mixed: FactSet data shows three buy ratings against six holds and no sells, with a median price target of $5, roughly 12% above recent levels.

Analysts have cautioned that the direct commercial benefit of rescheduling may be limited for Canadian-domiciled operators such as Tilray, which do not sell marijuana products in the United States because of the ongoing federal prohibition. Management has guided to adjusted EBITDA of $68 million to $75 million for fiscal 2027, growth of roughly 11% to 23% over the prior year's $61.1 million.