BUZZ-Cannabis firms gain as Trump shows support for reclassification

Reuters

Sep 09, 2024

** Shares of cannabis firms rise after Republican presidential candidate Donald Trump expresses support for reclassification of marijuana at the federal level

** Trump says he will vote "yes" over an amendment in Florida that will legalize recreational marijuana and recommended Congress to pass the SAFE banking act and other reforms, according to his post on Truth Social

** Cannabis advocacy group National Cannabis Roundtable terms it a "monumental moment" for the industry as both Trump and democratic challenger Kamala Harris have endorsed reclassification of weed

** Tilray Brands and U.S.-listed shares of SNDL

and Cronos Group rise between 4.2% and 6.6%

** Toronto-listed shares of Canopy Growth and Trulieve Cannabis rise 13.3% and 11.7%, respectively

** Despite being legal in dozens of U.S. states, marijuana is categorized as a schedule I drug at the federal level and prohibits most of the conventional U.S. banks from doing business with cannabis firms

(Reporting by Sourasis Bose in Bengaluru)

((Sourasis.bose@thomsonreuters.com))

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