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

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

Published: Aug. 8, 2024 at 4:05?p.m. ET

Cannabis stocks rallied Thursday after Donald Trump said he’s starting to agree more with cannabis reform.

Florida voters are preparing to weigh in on legalization for adult use.

-1.71%
CURLF

-2.59%
CGC

-8.06%
AYRWF

-10.05%
VRNOF

-2.28%
CRLBF

-3.71%
TLRY

-1.89%
TCNNF

-1.51%
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

-1.71%
was up 9.7% Thursday as the closing bell approached.

Curaleaf Holdings Inc.
CURLF

-2.59%
rose 7.3%, Canopy Growth Corp.
CGC

-8.06%
was rallying 10%, Ayr Wellnes Inc.
AYRWF

-10.05%
was up by 17.4%, Verano Holdings Corp.
VRNOF

-2.28%
was up by 12.1% and Cresco Labs Inc.
CRLBF

-3.71%
was rallying by 7.9%. Tilray Brands Inc.
TLRY

-1.89%
rose 5.7% and Trulieve Cannabis Corp.
TCNNF

-1.51%
jumped 10.6%.