Cannabis stocks jumped last week, bouncing back from post-election losses as former New Jersey Governor Chris Christie weighed in on the next administration's 420-friendly business policies. With the Department of Justice already considering a proposal to reclassify cannabis from Schedule I to Schedule III, Christie says that President-elect Trump could deschedule cannabis altogether, in a move that could lift significant banking, labor, and taxation hurdles industry-wide.
Adding to the enthusiasm, Trump's controversial decision to tap Matt Gaetz, a vocal marijuana reform advocate, as his pick for Attorney General reveals more clues about his attitude toward the cannabis industry. While debates continue to swirl around the outspoken Floridian's confirmation prospects, the nomination of Gaetz, who has consistently pushed for federal legalization and banking reforms, seems to confirm the cannabis-friendly tenor of the incoming administration.
