Shares of some cannabis firms fell between 3% and 12% at Thursday's close, erasing previous gains from the session, after U.S. President Donald Trump signed an executive order recommending the loosening of federal regulations on marijuana.

President Donald Trump has signed an executive order to move cannabis from Schedule I to Schedule III under the Controlled Substances Act

Trump’s order reclassifies marijuana as a Schedule III drug from Schedule I, but doesn’t permit legalized recreational sales. Other Schedule I substances include highly addictive drugs with no accepted medical use, such as heroin, while Schedule III substances are considered to have lower potential for abuse.

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

U.S. President Donald Trump's move to relax marijuana regulations could ease some burden for cannabis companies, but will likely keep doors to access capital from big banks closed, experts said. Cannabis companies,

President Trump rescheduled marijuana to Schedule III on Thursday, marking national progress for Nebraska families like the Gillens, who advocate for medical cannabis access.

Move doesn’t federally legalize marijuana but would ease tax burdens for cannabis businesses and facilitate more medical research.

The executive order would reclassify marijuana from a Schedule I to a less dangerous, Schedule III drug. Business leaders say the move is "long overdue" and it would open the door for more benefits for businesses and consumers.

Follow live updates as Trump signs a defense policy bill that includes a provision to limit Pete Hegseth's travel budget if he doesn't provide Congress with unedited videos of military boat strikes.