After president asks for administration to consider changing current drug classification for marijuana, cannabis stocks in U.S. and Canada shoot to strongest days on record. President Joe Biden formally sought to review how marijuana is classified under federal law, a change that pot producers in the U.S. and Canada have long sought after months of stalled federal reform that soured enthusiasm in the industry.

The moves buoyed the cannabis sector after steep losses in 2022, even as more states launch adult-use and medical programs for cannabis. But in Canada, producers continue to lose money and face stiff competition.

The announcement also follows Biden’s shifting stance over the years on pot — from opposing legalization to eventually supporting some degree of decriminalization and medical cannabis consumption. And it comes as Democrats try to whip up support for this year’s midterm elections and as many Republican lawmakers remain wary of legalization. A Canopy representative, in a statement, said Biden’s announcement “set into motion the actions needed to heal the harms of the past and chart a course for responsible, legal cannabis markets in the future.” The representative did not directly respond to a question about whether the announcement was enough for the company to fully enter the U.S.