According to the Choicin Finance App, on Thursday, US President-elect Donald Trump nominated Republican Congressman Matt Gaetz, who has long been committed to marijuana reform, as the next US Attorney General. This has led to continuous increase in marijuana-related ETFs in pre-market trading.

As a staunch supporter of Trump, Gaetz is one of the three Republican congressmen who approved the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which aims to promote federal legalization of marijuana.

In addition, Gaetz has twice supported a bipartisan marijuana banking bill to ensure that banks do not face federal penalties when providing services to legal marijuana businesses.

Although he does not support the recent legalization of adult marijuana in Florida, Trump has supported this measure.

If Gaetz is confirmed by the Senate, it indicates that the Trump administration will not obstruct marijuana reform, including the Justice Department's proposal to move marijuana from the high-risk category under the Controlled Substances Act to the low-risk category.

Marijuana-related ETFs include AdvisorShares Pure Cannabis ETF (YOLO.US), etfmg alternative harvest etf (MJ.US), and Amplify Seymour Cannabis ETF (CNBS.US).