Zinger Key Points
- AdvisorShares Pure Cannabis ETF led the gainers, climbing 3.48% to $3.27, according to data from Benzinga Pro.
- Trulieve Cannabis, dominant in Florida's cannabis market, posted a gain, reflecting positive sentiment.
- Get New Picks of the Market's Top Stocks
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. YOLO AdvisorShares Pure Cannabis ETF led the gainers, climbing 3.48% to $3.27, reflecting investor optimism around potential federal changes.
CANN Trees Corporation experienced a plunge, down 99.8%, closing at $0.0001. Among the notable losers, CGC Canopy Growth dropped 3.37% to $4.87, and CRON Cronos Group slipped 1.79% to $2.20.
Other stocks remained relatively stable. TLRY Tilray Brands fell 1.19%, ending at $1.67, and ACB Aurora Cannabis dipped 1.37% to $5.76.
Meanwhile, SNDL Sundial Growers climbed 2.53%, closing at $2.00, and 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
- MSOS AdvisorShares Pure US Cannabis ETF ended the day with a slight decline of 0.31%, closing at $6.48.
- 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.
- GTBIF Green Thumb Industries posted a modest gain of 0.67%, closing at $9.83, indicating optimism.
- MJNA Medical Marijuana Inc. surged 10%, finishing at $0.0011, reflecting renewed interest despite its low price point.
Read Next: 2024 Election & Cannabis: Swing State Voters Back Legalization, New Poll Reveals
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