President-elect Donald Trump nominated another cannabis legalization supporter to his cabinet. Rep. Matt Gaetz (R) of Florida is being tapped to serve as U.S. attorney general.

Trump wrote on Truth Social that Gaetz "has distinguished himself in Congress through his focus on achieving desperately needed reform at the Department of Justice."

Gaetz replied on X, "It will be an honor to serve as President Trump's Attorney General!"

In July 2023, Gaetz proposed an amendment that would eliminate cannabis testing for individuals wanting to enlist as a member or commissioned officer in the U.S. armed forces. He said at the time that eliminating cannabis testing could help the military meet its recruitment goals.

Investigation By House Ethics Committee

Meanwhile, Gaetz was being investigated by the House Ethics Committee as to whether he engaged in sexual misconduct or illicit drug use. If confirmed for the position, Gaetz will take over for current Attorney General Merrick Garland, who led the U.S. Department of Justice that undertook the sex-trafficking investigation though it did not end up charging the 42-year congressman whose reputation for partying precedes him.

Read Also: Trump Taps Cannabis Supporters Elon Musk, Vivek Ramaswamy To Slash Government Spending

Gaetz also has a reputation for being a fawning Trump loyalist. Who can forget the chaos in the House in October 2023 when he led a group of Republicans to kick then-House Speaker Kevin McCarthy to the curb? Trump’s disdain for McCarthy was no secret. The situation got so testy that Gaetz’s own colleagues disallowed him to debate within their caucus, relegating him to sit on the Democratic side of the chamber.

Now, Gaetz's fortunes have changed, though the jury is still out on whether his behavior has, which apparently doesn't matter.

NBC News reported Gaetz traveled with Trump, Elon Musk and others on Wednesday to Washington, D.C., where they were received by President Joe Biden as part of the formal beginning of the handover process.

Cannabis Stocks Enjoying The Ride

Meanwhile, cannabis stocks seem to be enjoying the news, beginning on Tuesday with a Benzinga exclusive in which former New Jersey Gov. Chris Christie, suggested that President-elect Trump will likely deschedule cannabis.

The cannabis stock market reacted positively for the most part with several companies experiencing notable gains Wednesday:

• Trulieve Cannabis Corp. TCNNF: Increased by 8.18% to $7.01.
• Cresco Labs Inc. CRLBF: Rose by 14.29% to $1.44.
• Curaleaf Holdings, Inc. CURLF: Climbed 9.80% to $2.24.
• Green Thumb Industries Inc. GTBIF: Advanced 8.38% to $9.70.

The AdvisorShares Pure US Cannabis ETF MSOS, which tracks U.S. cannabis companies, gained 9.96%, reflecting investor optimism about potential federal policy changes under Gaetz’s influence. These movements underscore the market’s sensitivity to political developments affecting the cannabis industry.

Now Read:
• Trump’s Appointment Of Kristi Noem To Homeland Security Chief Raises Questions About Fed Cannabis Policy

Photo: Courtesy of The Fresh Toast