Cannabis Stocks Pop Following Chris Christie's Prediction That Trump Will Deschedule Cannabis

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 facilitated by Covers.com.

"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 MSOS around midday.

Top Winners:

1. AdvisorShares Pure US Cannabis ETF MSOS: +15.06%
2. Cronos Group CRON: +12.96%
3. AdvisorShares Pure Cannabis ETF YOLO: +7.22%
4. Amplify Alternative Harvest ETF MJ: +5.44%
5. Tilray Brands TLRY: +4.14%
6. Village Farms International VFF: +5.38%
7. Ispire Technology ISPR: +1.44%
8. Organigram Holdings 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.

Read Next: EXCLUSIVE: Chris Christie Says Trump Will Remove Federal Restrictions On Marijuana, Find ‘Sweet Spot’ For Crypto Regulation

Cover: Benzinga Pro