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Shares in marijuana companies surged on Wednesday following a report that a senior US health official has recommended easing restrictions on use of the drug.

Shares in two of the biggest marijuana companies, Tilray Brands and Canopy Growth Corporation, increased by 10 per cent and 13 per cent respectively in early afternoon trading on Wall Street.

Bloomberg reported that Rachel Levine, assistant Secretary for Health, had written to the US Drug Enforcement Administration recommending that marijuana be reclassified as a schedule III drug. The drug is currently registered as a schedule I drug, the same as heroin, a classification that severely restricts the market for products based on the drug.