Cannabis companies and legalization advocates are applauding PresidentJoe Biden's Thursday announcement that formalizes the rescheduling process that will finally move cannabis from the DEA's Schedule I to Schedule III.

"This change represents a major leap forward and an opportunity to correct a long-standing wrong which has disproportionally impacted marginalized communities, inhibited research, and restrained the responsible growth of the U.S. cannabis industry," saidDavid Klein, CEO ofCanopy Growth(NASDAQ:CGC).

"In addition to setting an important precedent and paving the way for additional reform including full legalization, rescheduling is especially significant as it provides...