Cannabis shares gained traction during Monday’s session after Donald Trump endorsed the federal rescheduling of marijuana to allow research into its medical benefits.
In a post on his social media platform Truth Social, the Republic presidential candidate said his administration would pass “common sense laws,” specifically the SAFER Banking Act and rescheduling cannabis to the lower-risk Schedule 3 of the Controlled Substances Act.
He also backed marijuana legalization in Florida, stating that he would be voting “yes” on Amendment 3 on the upcoming November ballot.
Amendment 3 would legalize marijuana for adults 21 and older and allow individuals to possess up to three ounces of marijuana.
“As I have previously stated, I believe it is time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use. We must also implement smart regulations, while providing access for adults, to safe, tested product,” Trump wrote in the post on Truth Social on Sunday.
“As President, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws, like in Florida, that work so well for their citizens.”
As I have previously stated, I believe it is time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use. We must also implement smart regulations, while providing access for adults, to safe, tested product. As a Floridian, I will be…
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) September 9, 2024
Trump’s comments boosted sentiment towards cannabis stocks, with the Advisorshares Pure US Cannabis ETF, which tracks US cannabis companies, adding almost 11% at $7 in the early afternoon on Monday. The Advisorshares Pure Cannabis ETF added 7%.