Cannabis stocks rise as the Trump administration approves start of transition to Biden
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump and his administration with this weekly recap compiled by The Fly:
1. GSA PROTOCOLS: On Monday, President Trump said via Twitter that, "I want to thank Emily Murphy at GSA [General Services Administrator] for her steadfast dedication and loyalty to our Country. She has been harassed, threatened, and abused - and I do not want to see this happen to her, her family, or employees of GSA. Our case STRONGLY continues, we will keep up the good fight, and I believe we will prevail! Nevertheless, in the best interest of our Country, I am recommending that Emily and her team do what needs to be done with regard to initial protocols, and have told my team to do the same."
2.CANNABIS STOCKS SOAR ON PRESIDENTIAL TRANSITION: Shares of cannabis stocks traded higher earlier this week after the Trump administration approved the start of the formal transition to President-elect Joe Biden. Biden's presidency could lead to more calls for decriminalization of marijuana, and several states recently legalized the use of recreational marijuana. Earlier this month, Canopy Growth (CGC) CEO David Klein told analysts on a conference call that, "We believe the Biden win is an important step on the path to federal permissibility of cannabis in the U.S. market through decriminalization and descheduling." Other publicly traded companies in the space include Aurora Cannabis (ACB), Tilray (TLRY) and Curaleaf (CURLF).
Subsequently, on Friday, Kyle Jaeger of Marijuana Moment reported, citing House Majority Leader Steny Hoyer, that a bill to federally legalize marijuana will get a full floor vote in the U.S. House of Representatives next week. The Democratic leader said the chamber will take up the Marijuana Opportunity, Reinvestment and Expungement, or MORE, Act between Wednesday and Friday, according to the report.
3. CA EMISSIONS RULES: General Motors (GM) said it no longer intends to support the Trump administration's effort to prohibit California from establishing its own emissions rules in an ongoing battle, Reuters' David Shepardson reported. GM CEO Mary Barra told environmental groups in a letter that the car maker was "immediately withdrawing from the preemption litigation and inviting other automakers to join us," Shepardson added. President-elect Joe Biden has made increasing support for electric vehicles a top priority, the report noted.
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
Keywords: Week in Review, Trump, elections, presidential election, cannabis