Cannabis stocks jumped on Thursday after former Florida Congressman Matt Gaetz wrote an opinion piece supporting the reclassification of marijuana from a Schedule I to a Schedule III drug. In the article published by the Tampa Bay Times, Gaetz said that President Donald Trump supports the move and praised his leadership for helping push this policy change forward.
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Gaetz, who was once considered by Trump for U.S. Attorney General, explained that rescheduling marijuana would benefit veterans, make cannabis research easier, and reduce the high tax burden that legal dispensaries face under current federal law. Indeed, right now, marijuana’s status as a Schedule I drug creates major financial and research barriers for businesses and scientists.
He also stressed the importance of government agencies following through on this change to reflect what most Americans want. “It is crucial that our federal agencies follow through on this effort and finally align federal cannabis policy with the will of the American people,” Gaetz wrote. As a result, his comments gave investors hope that real progress is finally being made on federal marijuana reform, which led to the rise in cannabis stocks.
Which Cannabis Stock Is the Best Buy?
Turning to Wall Street, out of the cannabis stocks pictured below, analysts think that Trulieve stock (TCNNF) has the most room to run. In fact, TCNNF’s average price target of $14.25 per share implies more than 268% upside potential. On the other hand, analysts expect the least from Tilray (TLRY) stock, as its average price target of $1.68 equates to a gain of 135.3%.