Cannabis investors are finally seeing green after years of red ink. President Donald Trump is expected to sign an executive order as early as today that would move marijuana from a Schedule I to a Schedule III drug, according to CNBC. That shift would place cannabis alongside substances like steroids and Tylenol with codeine — rather than heroin — easing tax pressure on operators and opening the door to new capital.

• Pot stocks ripped higher Friday, with Tilray BrandsTLRY
  and Canopy GrowthWEED
  up more than 44% and 52%, respectively.
• While the Amplify Seymour Cannabis ETF surged over 54% in its best day ever, the broader cannabis ETF sector is still on track for a fifth straight losing year.

After the haze fades: Despite the euphoria, industry experts say the move is only a “partial victory” on the path to full legalization. Shawn Hauser of Vicente LLP called it “the beginning of a new era of public health policy” that “dismantles nearly a century of outdated drug policies,” while stressing that broader reforms around safety, access, and criminal justice still require congressional action. Separately, Ed Groshans of Compass Point expects the Drug Enforcement Administration to finalize the reclassification rule by summer if Trump issues the order.