Tilray Inc. (TLRY) saw its shares plummet 5.20% during intraday trading on Thursday, reversing earlier gains as the market digested details of President Donald Trump's executive order on marijuana reclassification.

The drop followed clarifications from senior administration officials that the order would not change criminal penalties or recreational use access under federal law, nor would it recognize sufficient medical evidence for marijuana. This dashed hopes of a significant regulatory easing, leading to a sell-off in cannabis stocks like Tilray.