Trump is reportedly considering easy some restrictions on cannabis, and investors are piling into the sector on Friday.

Canadian cannabis stocks, including Tilray (TLRY), surged following reports that President Donald Trump could sign an executive order as soon as Monday reclassifying marijuana from a Schedule I drug like heroin to the less-restrictive Schedule III category,

Now, it’s worth noting Stock Advisor’s total average return is 962 % — a market-crushing outperformance compared to 193% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

Tilray stock price popped by nearly 30% on Tuesday as Donald Trump prepared to sign an executive order that would reschedule cannabis

CNBC reminded readers that, despite the latest surge, cannabis shares remain well below past peaks: Tilray recently traded at a little more than $10 after reaching more than $2,140, adjusted for splits, in September 2018.

Aurora Cannabis ( ACB +14.72%) stock leapt 14.5% "higher" (get it? Marijuana? High?) through 11:55 a.m. ET Friday on some positive marijuana news out of the White House. As The Washington Post reports, President Trump wants to legalize marijuana (sort of), and marijuana investors are overjoyed at the prospect.

Toronto's main equity index edged higher on Wednesday as cannabis stocks extended a rally on expectations of easing U.S. curbs, while higher commodity prices supported energy and mining firms. The S&P/TSX Composite index rose 0.

Some cannabis stocks are outperforming despite a weak sector, with legalization catalysts and market positioning driving selective upside.