Cannabis stocks rise after Trump backs legalization measure in Fla.

Cannabis stocks (CGC, TLRY, CURLF, CRLBF, GTBIF) are rising after former President Donald Trump announced he would vote in favor of Florida's ballot measure to legalize marijuana for recreational use. Market Domination Hosts Julie Hyman and Josh Lipton report more on the story and how cannabis stocks have performed this year so far.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Melanie Riehl

Video Transcript

Cannabis industry.

Those stocks getting a a lift after former President Trump voices support for marijuana legalisation in Florida.

Uh, so trump, suggesting on his truth social platform Julie, that he supports, I guess a ballot referendum in Florida that would allow adults 21 older to use cannabis also supports assigning cannabis to schedule three under the US controlled Substances Act.

Currently, uh, listed as schedule one, as we know.

Yes.

Um, and he So to be clear, he is supporting this amendment in Florida as a voter because he is a Florida voter.

And this is something that Governor Ronda san this has not been supportive of.

By the way, Uh, that adult legalisation, um, recreational legalisation in Florida so interesting that, uh, Trump's on the opposite side of him, but he you know, he's on the same side with with this kind of stuff.

Is the Democrats, largely, and Kamala Harris, who have been amenable to the rescheduling of cannabis on the federal level.

Um, he also mentions safe banking, uh, authorization, which is something that has been trying to make its way through Congress for quite some time.

So it's significant that he is saying this But it's also significant that sort of both sides.

Now that you know there is more consensus, perhaps, on some of these changes.

And by the way, marijuana stocks.

They've been kind of all over the place, but they haven't done great this year.

Usually I look at the MJ, uh, ETF the alternative harvest ETF as sort of a proxy for the industry.

It's up this year, but not up a lot.

It's it's missing it.

It is under performing the market.

I should say I was, you know, obviously election.

Florida front and centre.

I was reading at the state's cannabis referendum that we just talked about polling with more than 60% support.

So if you're a politician who wants to get on the wrong side of that, yeah, most definitely.