Cannabis stocks post sharp gains as Trump says he's starting to 'agree more' about reforms

By Steve Gelsi

GOP presidential nominee Donald Trump said he plans to make a statement about Florida's upcoming referendum on adult-use cannabis

Cannabis stocks moved sharply higher in late afternoon trading on Thursday after Republican presidential nominee Donald Trump said he's shifting his position in favor of looser cannabis laws.

At a press conference at his Mar-a-Lago resort in Palm Beach, Trump said, "as we legalize it, I start to agree a lot more." He also said he's readying a statement about an upcoming Florida referendum on adult-use cannabis. The measure, which requires 60% of the vote to pass, is already polling above that support level.

Trump declined to elaborate on his planned statement but said, "As we legalize it throughout the country, whether that's a good thing or a bad thing, it's awfully hard to have people all over the jails that are in jail right now for something that's legal."

He added: "Obviously there's a lot of sentiment to doing that."

The Florida vote could go in a more "liberal" way than people expect, he said.

The AdvisorShares Pure U.S. Cannabis exchange-traded fund MSOS was up 9.7% Thursday as the closing bell approached.

Curaleaf Holdings Inc. (CURLF) rose 7.3%, Canopy Growth Corp. (CGC) was rallying 10%, Ayr Wellnes Inc. (AYRWF) was up by 17.4%, Verano Holdings Corp. (VRNOF) was up by 12.1% and Cresco Labs Inc. (CRLBF) was rallying by 7.9%. Tilray Brands Inc. (TLRY) rose 5.7% and Trulieve Cannabis Corp. (TCNNF) jumped 10.6%.

-Steve Gelsi

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08-08-24 1605ET

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