SNDL Inc. (SNDL) stock is soaring 5.45% in intraday trading on Wednesday, riding the wave of enthusiasm in the cannabis sector. The surge comes as U.S. President Donald Trump is reportedly considering reclassifying marijuana as a less dangerous drug, potentially giving a significant boost to cannabis-linked companies.

The potential reclassification of marijuana from a Schedule I to a Schedule III drug could have far-reaching implications for the cannabis industry. According to TD Cowen analyst Derek Lessard, such a move "would likely lift the entire sector by bolstering research, reducing stigma, improving access to capital, and opening up a large addressable market." This positive sentiment is reflected in the broader cannabis market, with other major players like Tilray, Canopy Growth, and Aurora Cannabis also seeing notable gains.

While the reclassification is still under consideration and separate from federal legalization efforts, it represents a potential shift in the regulatory landscape that could benefit companies like SNDL Inc. However, investors should note that the cannabis sector remains volatile and subject to regulatory uncertainties. The stock's significant move today underscores the market's sensitivity to potential policy changes in this evolving industry.