What Sparked The Cannabis Stock Rally On Thursday?

Cannabis stocks blazed higher on Thursday after former Rep. Matt Gaetz (R-Fla.) reportedly said cannabis reform is “on the horizon.”

What Happened: Gaetz, who was U.S. President Donald Trump’s first pick for attorney general before he withdrew from consideration, suggested that “meaningful” cannabis reform is coming soon in an op-ed published by the Tampa Bay Times on Thursday.

Marijuana Moment reported Gaetz expressed confidence Trump will move cannabis from Schedule I to Schedule III of the Controlled Substances Act, which “won’t solve every problem,” but is a “necessary step” for cannabis reform, he said.

“There is meaningful change finally on the horizon, thanks to President Donald Trump and his leadership in supporting the rescheduling of cannabis from a Schedule I drug to a Schedule III drug,” Gaetz said.

See Also: The DEA Wants Teens To Become Anti-Weed Influencers For $25 A Pop

The report indicates Trump has not publicly discussed cannabis reform since taking office, but he did commit to rescheduling cannabis during his presidential campaign last year.

“As President, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws, like in Florida, that work so well for their citizens,” Trump said in a Truth Social post in September.

Gaetz said Thursday he believes rescheduling cannabis would help eliminate excessive tax burdens, allowing legal operators to flourish. He also expects rescheduling to lead to increased investment in the space and more access to cannabis for patients and veterans.

“This is a crucial move that will help the millions of Americans who rely on cannabis for relief, the entrepreneurs working to build a responsible industry and the veterans who deserve better treatment options. Let's get this done and continue the fight for full cannabis reform,” Gaetz said.

The AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) was up more than 6% Thursday. Here’s a look at some of the biggest individual stock movers in the cannabis space:

• Curaleaf Holdings Inc (OTCQX:CURLF) shares closed up 12.87% at 99 cents

• Tilray Brands Inc (NASDAQ:TLRY) shares closed up 8.97% at 71 cents

• Aurora Cannabis Inc (NASDAQ:ACB) shares closed up 4.76% at $4.62

• SNDL Inc (NASDAQ:SNDL) shares closed up 0.67% at $1.50

• Canopy Growth Corp (NASDAQ:CGC) shares closed flat

• Trulieve Cannabis Corp (OTCQX:TCNNF) shares closed up 2.11% at $3.87

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