Trump Endorses Rescheduling & Safer Banking Sending Cannabis Stocks Flying
Trump Advocates for Cannabis Reform, Supports Rescheduling and SAFER Banking Bill.
As Vice President Kamala Harris’s poll lead begins to dwindle, former President Donald Trump has taken to espousing uncharacteristically liberal policies to win over potential voters.
Yesterday, in a surprise post on his social media platform Truth Social, Trump voiced his support for the incumbent President Biden’s stance on cannabis rescheduling, alongside the long-awaited SAFER Banking bill which the industry has been trying to pass since 2019.
“As President, we will continue to focus on research to unlock the medical uses of marijuana as 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,” Trump wrote.
He reiterated the need to ‘end needless arrests and incarcerations of adults for small amounts of marijuana for personal use,’ and promised to provide safe, tested cannabis products for adult use.
It comes just a week after Trump came out in support of adult-use legalization in his home state of Florida, conflicting with the views of Florida’s Republican governor, Ron DeSantis.
His renewed stance on cannabis reform has once again sent cannabis stocks rallying, as reform now appears to have bipartisan support.
New Cannabis Venture’s American Cannabis Operator Index, which tracks the stock price of the 12 largest US cannabis operators, jumped by nearly 10% following the statement.
Trulieve (TCNNF) surged by 32.8%, while Verano Holdings (VRNOF) and Curaleaf (CURLF) saw gains of around 16.5%.
Tilray (TLRY) and Canopy Growth (CGC) also both rose sharply, with Canopy up 14.7%.
Emily Paxhia, Managing Partner, Poseidon Investment Management, said: “Cannabis reform has long been a bi-partisan issue when it comes to the voters, but lawmakers on both sides of the aisle have failed to act on behalf of their constituents.
“While we saw encouragement from Biden / Harris on reviewing the schedule of cannabis, the conversation ended there. Trump has thrown down the gauntlet with his latest commentary on cannabis reform. He has hit on issues that resonate with the industry and cannabis patients/consumers. He has also shown that his opinion on cannabis is becoming more informed.
“It is refreshing to hear such a pragmatic take on cannabis as a key issue in this election and it is stunning to note the silence from the Harris campaign. The time is now to articulate a position on cannabis reform, or the Democratic ticket will be missing out on an issue that polls better than almost anything in our country at this time.”
Brady Cobb, CEO of Florida’s Sunburn Cannabis, added: “Irrespective of the partisan-themed battles that will follow, cannabis reform has not been elevated to a tier 1 national issue and will likely enjoy the rarified air of having bipartisan support as we head into one of the most pivotal elections this country has ever seen. I’ve long believed and stated that Fmr. President Trump would be supportive of cannabis reform, and today’s messaging marks his strongest endorsement of the issue to date. Onward”
Ali Amirhooshmand, Head of Government Relations for Dutchie, also commented: “President Trump’s recent statement in support of Amendment 3 and his call for smart cannabis regulations, safe product access, and the rescheduling of cannabis to Schedule 3 reflects the growing bipartisan momentum for reform.
