Cannabis stocks surged in late afternoon trading on Thursday following a statement from Republican presidential nominee Donald Trump, who indicated a shift toward supporting more relaxed cannabis laws.
During a press conference at his Mar-a-Lago resort in Palm Beach, Trump mentioned that as cannabis legalization progresses, he’s becoming more supportive. He also revealed that he’s preparing a statement about an upcoming Florida referendum on adult-use cannabis, which currently has polling support above the 60% threshold needed for approval.
While Trump didn’t provide details about his forthcoming statement, he acknowledged the difficulty of having people incarcerated for actions that might soon be legal. He noted the strong public sentiment towards legalization and hinted that the Florida vote might turn out more “liberal” than expected.
As the trading day neared its close, cannabis stocks saw significant gains. The AdvisorShares Pure U.S. Cannabis exchange-traded fund (MSOS) was up 9.7%. Curaleaf Holdings Inc. (CURLF) increased by 7.3%, Canopy Growth Corp. (CGC) rose 10%, Ayr Wellness Inc. (AYRWF) jumped 17.4%, Verano Holdings Corp. (VRNOF) climbed 12.1%, Cresco Labs Inc. (CRLBF) gained 7.9%, Tilray Brands Inc. (TLRY) rose 5.7%, and Trulieve Cannabis Corp. (TCNNF) advanced 10.6%.
