Stock Track | Cannabis Stocks Rally as Trump Backs Marijuana Reclassification

Stock Track

Sep 09, 2024

Shares of cannabis companies, including SNDL Inc., soared during intraday trading on Sunday after Republican presidential candidate Donald Trump expressed support for reclassifying marijuana at the federal level in the United States.

In a post on Truth Social, Trump stated that he would vote "yes" on an amendment in Florida that would legalize recreational marijuana. He also recommended that Congress pass the SAFE banking act and other reforms related to the cannabis industry.

This move was hailed as a "monumental moment" by the National Cannabis Roundtable, a cannabis advocacy group, as both Trump and his Democratic challenger Kamala Harris have now endorsed the reclassification of marijuana. Currently, marijuana is categorized as a schedule I drug at the federal level, which prohibits most conventional U.S. banks from conducting business with cannabis firms.

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