Cannabis stocks are trading higher today after former New Jersey Governor Chris Christie, suggested that President-elect Donald Trump will attempt to deschedule cannabis.
"What I suspect he would really like to do is get it downgraded by the DEA so that it's not illegal," Christie said in an exclusive interview with Benzinga Cannabis' head of content Javier Hasse.
"The trouble the cannabis industry has now is that a lot of people still won't do business with them, because the proceeds are tainted by the fact they are created through a drug that is illegal in the United States," said Christie, referring to the fact that cannabis is still a Schedule I drug under federal law.
Cannabis Stocks Hitting The Roof
Christie's remarks sparked optimism in a much-appreciated rally that briefly halted trading of AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) around midday.
Top Winners:
- AdvisorShares Pure US Cannabis ETF (NYSE:MSOS): +15.06%
- Cronos Group (NASDAQ:CRON): +12.96%
- AdvisorShares Pure Cannabis ETF (NYSE:YOLO): +7.22%
- Amplify Alternative Harvest ETF (NYSE:MJ): +5.44%
- Tilray Brands (NASDAQ:TLRY): +4.14%
- Village Farms International (NASDAQ:VFF): +5.38%
- Ispire Technology (NASDAQ:ISPR): +1.44%
- Organigram Holdings (NASDAQ:OGI): +1.62%
Chart created using Benzinga Pro
Market Reaction To Christie's Comments
"What I think Trump will attempt to do is change marijuana to a non-scheduled drug that wouldn't be illegal," Christie said. This prediction buoyed investor sentiment, as cannabis descheduling would not only resolve banking issues plaguing the industry, it would ultimately legalize marijuana.
Crypto: Finding A 'Sweet Spot'
In addition to cannabis, Christie also told Benzinga that with Trump in the White House, he predicts a favorable environment for crypto's continued expansion. "I think it will develop because he'll not be in favor of doing a lot of regulating on it," Christie said, suggesting that Trump's known stance on deregulation would likely extend to the crypto sector.
Cover: Benzinga Pro
