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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.
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This post was written by Melanie Riehl
Cannabis industry, those stocks getting a a lift after former president Trump voices support for marijuana legalization 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 and older to use cannabis, also supports assigning cannabis to Schedule three under the US controlled substances Act, currently 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 Ron DeSantis has not been supportive of by the way, uh that adult legalization, um recreational legalization in Florida. So interesting that Trump's on the opposite side of him, but 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 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, you know, there's 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 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 underperforming the market, I should.
Yeah, I was you know, obviously election, Florida front and center. I was reading that the state's cannabis referendum that we're just talking 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.
