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Retail Bulls Pile Into Cannabis Stocks On Reports Trump May Reclassify Marijuana; Traders Eye Aurora Rally
Stocktwits - Retail sentiment picked up Sunday for Aurora Cannabis (TSX:ACB), Canopy Growth (NASDAQ:CGC), Cronos Group (NASDAQ:CRON) and Trulieve Cannabis (CSE:TRUL) (TCNNF) after reports that U.S. President Donald Trump may reclassify marijuana as a less dangerous drug.
The Wall Street Journal said that at a $1 million-a-plate fundraiser at his New Jersey golf club earlier this month, Trump told guests he was interested in the change, signaling an effort the Biden administration had started but never completed.
Reclassification to Schedule III would ease restrictions, allow tax breaks, and expand medical research. Trulieve CEO Kim Rivers reportedly urged Trump to pursue the shift and expand research. Trump flagged the idea to staff. Other guests included Pfizer's CEO, cryptocurrency executives, and political advisers.
Cannabis companies have contributed millions to Trump's political groups, hired lobbyists close to him, and backed American Rights and Reform PAC, which gave $1 million to Trump's PAC and commissioned polling from Trump pollster Tony Fabrizio showing Republican and independent voter support.
The PAC also paid $300,000 to Trump adviser Alex Bruesewitz for social media and advertising work.
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