Cannabis firms gain as Trump shows support for reclassification

Canopy Growth

09/09/2024 15:57

** Shares of cannabis firms rise after Republican
presidential candidate Donald Trump expresses support for
reclassification of marijuana at the federal level
    ** Trump says he will vote "yes" over an amendment in
Florida that will legalize recreational marijuana and
recommended Congress to pass the SAFE banking act and other
reforms, according to his post on Truth Social
    ** Cannabis advocacy group National Cannabis Roundtable
terms it a "monumental moment" for the industry as both Trump
and democratic challenger Kamala Harris have endorsed
reclassification of weed
    ** Tilray Brands  TLRY.O  and U.S.-listed shares of SNDL
 SNDL.O  and Cronos Group  CRON.O  rise between 4.2% and 6.6%
    ** Toronto-listed shares of Canopy Growth  WEED.TO  and
Trulieve Cannabis  TRUL.CD  rise 13.3% and 11.7%, respectively
    ** Despite being legal in dozens of U.S. states, marijuana
is categorized as a schedule I drug at the federal level and
prohibits most of the conventional U.S. banks from doing
business with cannabis firms

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))