Trump's Marijuana Support Could Ignite Stock Surge – Are You Positioned To Benefit?

Author: Nicolás Jose Rodriguez | September 05, 2024 09:38am

The cannabis market is abuzz following former President Donald Trump’s recent comments supporting cannabis legalization in Florida. 

During a podcast interview, Trump backed the state’s recreational cannabis initiative and emphasized the need for a lawful and regulated framework. 

This comes as Florida prepares to vote on a ballot initiative in November, which could reshape the cannabis landscape.

Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you’re serious about the business, you can’t afford to miss out.

Top Performers And Decliners After Trump’s Comments On Marijuana

Stocks in the cannabis sector showed varied reactions on Wednesday, after Trump’s comments. (NYSE:YOLO) AdvisorShares Pure Cannabis ETF led the gainers, climbing 3.48% to $3.27, reflecting investor optimism around potential federal changes. 

(OTC:CANN) Trees Corporation experienced a plunge, down 99.8%, closing at $0.0001. Among the notable losers, (NASDAQ:CGC) Canopy Growth dropped 3.37% to $4.87, and (NASDAQ:CRON) Cronos Group slipped 1.79% to $2.20.

Other stocks remained relatively stable. (NASDAQ:TLRY) Tilray Brands fell 1.19%, ending at $1.67, and (NASDAQ:ACB) Aurora Cannabis dipped 1.37% to $5.76. 

Meanwhile, (NASDAQ:SNDL) Sundial Growers climbed 2.53%, closing at $2.00, and (OTC:TCNNF) Trulieve Cannabis posted a 3.72% gain to $9.75, reflecting positive sentiment around these companies.

Read Also: What Trump Learned About Marijuana That DeSantis Did Not And Why The GOP Might Become Weed-Friendly

Stocks To Watch

• (NYSE:MSOS) AdvisorShares Pure US Cannabis ETF ended the day with a slight decline of 0.31%, closing at $6.48.
• (NYSE:IIPR) Innovative Industrial Properties, a key player in cannabis real estate, dropped 0.82%, closing at $121.58, showing a more cautious response from investors. 
• (OTC:GTBIF) Green Thumb Industries posted a modest gain of 0.67%, closing at $9.83, indicating optimism. 
• (OTC:MJNA) Medical Marijuana Inc. surged 10%, finishing at $0.0011, reflecting renewed interest despite its low price point.

Read Next: 2024 Election & Cannabis: Swing State Voters Back Legalization, New Poll Reveals

Posted In: ACB CANN CGC CRLBF CRON CURLF GRWG GTBIF HITI IIPR MJ MJNA MSOS OGI PLNHF SMG SNDL TCNNF TLRY VFF