The cannabis market is abuzz following former President Donald Trump's recent comments supporting cannabis legalization in Florida.
During a podcast interview, Trump backed the state's recreational cannabis initiative and emphasized the need for a lawful and regulated framework.
This comes as Florida prepares to vote on a ballot initiative in November, which could reshape the cannabis landscape.
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Top Performers And Decliners After Trump's Comments On Marijuana
Stocks in the cannabis sector showed varied reactions on Wednesday, after Trump's comments. (NYSE:YOLO) AdvisorShares Pure Cannabis ETF led the gainers, climbing 3.48% to $3.27, reflecting investor optimism around potential federal changes.
(OTC:CANN) Trees Corporation experienced a plunge, down 99.8%, closing at $0.0001. Among the notable losers, (NASDAQ:CGC) Canopy Growth dropped 3.37% to $4.87, and (NASDAQ:CRON) Cronos Group slipped 1.79% to $2.20.
Other stocks remained relatively stable. (NASDAQ:TLRY) Tilray Brands fell 1.19%, ending at $1.67, and (NASDAQ:ACB) Aurora Cannabis dipped 1.37% to $5.76.
Meanwhile, (NASDAQ:SNDL) Sundial Growers climbed 2.53%, closing at $2.00, and (OTC:TCNNF) Trulieve Cannabis posted a 3.72% gain to $9.75, reflecting positive sentiment around these companies.
Read Also: What Trump Learned About Marijuana That DeSantis Did Not And Why The GOP Might Become Weed-Friendly
Stocks To Watch
- (NYSE:MSOS) AdvisorShares Pure US Cannabis ETF ended the day with a slight decline of 0.31%, closing at $6.48.
- (NYSE:IIPR) Innovative Industrial Properties, a key player in cannabis real estate, dropped 0.82%, closing at $121.58, showing a more cautious response from investors.
- (OTC:GTBIF) Green Thumb Industries posted a modest gain of 0.67%, closing at $9.83, indicating optimism.
- (OTC:MJNA) Medical Marijuana Inc. surged 10%, finishing at $0.0011, reflecting renewed interest despite its low price point.
