Tilray Inc. (TLRY) saw its shares drop sharply by 5.02% during intraday trading on Wednesday, reversing earlier gains fueled by reports of potential federal easing of marijuana restrictions.

The decline followed initial optimism after media reports suggested U.S. President Donald Trump could sign an executive order this week to reclassify marijuana as a less dangerous drug. However, the lack of immediate confirmation from the White House and uncertainty over the timing of the order likely triggered profit-taking and a sell-off in cannabis stocks, including Tilray.