CanniMed Therapeutics (OTCPK:CMMDF), Canopy Growth (OTCPK:TWMJF), MedReLeaf Corp (OTCPK:MEDFF) and other cannabis stocks are flying higher since Sen. Cory Gardner announced that Donald Trump has assured him to give full right to states to decide themselves how to regulate marijuana industry. Cannabis stocks are increasing broadly after Trumps commitment to protect the cannabis industry.
The Colorado Republican Senator said, "President Trump has assured me that he will support a federalism-based legislative solution to fix this states' rights issue once and for all."
A White House spokeswoman has corroborated Cory Gardner's statement.
The cannabis market was growing at a sharp pace over the last couple of years, and analysts see significant growth potential after Trump's stance. The changing market dynamics in California and the expected increase in recreational markets in Maine, Massachusetts, and Nevada could double cannabis product sales this year, according to GreenWave Advisors.
The latest survey from Gallop showed the number of Americans favoring legalizing marijuana is at highest point since 1969.
Canada is among the most significant markets for marijuana. It has well-regulated medical marijuana market, and the country is planning to legalize recreational marijuana market this year.
Aphria Inc (OTCQB: APHQF) is among the biggest gainer since Gardner's statement. The $1.8 billion company posted $20 million in total sales last year. Aphria Inc and its subsidiaries produce and sell medical marijuana in the form of Capsules, Vaporizers, and Oral solutions. Aphria stock price soared 14% during Friday trade. Its stock trades around $9 at present, down sharply from this year high of $19.
Shares of Friday Night (OTCQB: TGIFF), which has the significant presence in Las Vegas markets, soared 19% after Gardner's comments.
The nano-cap Terra Tech Corp (OTCQX:TRTC) posted 15% share price gain on Friday. Terra Tech is an American cannabis-focused agriculture company – which has separated its business into two business segments: Cannabis Products and Hydroponic product.
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