Key Takeaways
- Shares of cannabis providers got a boost from former President Donald Trump, who said he wanted to ease restrictions on the drug.
- The Republican presidential candidate wrote on his Truth Social website that he wanted marijuana moved to a Schedule III drug classification, and to work with Congress on safe banking laws for pot.
- Trump also said he would be voting in favor of Florida’s constitutional amendment making adult marijuana use legal.
Shares of Canopy Growth (CGC), Tilray Brands (TLRY), and other cannabis providers surged in intraday trading Monday after former President Donald Trump signaled his support for reducing restrictions on marijuana use.
The Republican presidential candidate wrote on his Trump Media & Technology Group (DJT)-owned social media site Truth Social that he believed it’s time to “end needless arrests and incarcerations of adults for small amounts of marijuana for personal use.” Trump added that if elected he would focus on ways of making marijuana lowered to a Schedule III drug classification, and “work with Congress to pass common sense laws, including safe banking for state authorized companies.”
Trump Says He Supports States’ Rights to Pass Marijuana Laws
Trump explained that he would support states’ rights to pass marijuana laws, and noted that in November he would be voting in Florida for a constitutional amendment making legal marijuana use by those 21 years of age and older.
In another post late last month, Trump predicted the legislation, known as Amendment 3, would pass, writing that “we do not need to ruin lives & waste Taxpayer Dollars arresting adults with personal amounts of it on them.”
Trump’s Democratic rival, Vice President Kamala Harris, also has stated her opposition to incarcerating those for simple marijuana possession.
AdvisorShares Pure U.S. Cannabis ETF (MSOS), the largest exchange-traded fund (ETF) for cannabis stocks, surged more than 9% midafternoon Monday.
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