Marijuana stocks Canopy Growth (CGC) and Cronos Group (CRON) were mixed on Friday, even after President Trump said he would “probably” back marijuana-friendly legislation in the U.S. and Canada’s senate voted a day earlier to legalize recreational marijuana — with conditions.
But one analyst suggested the slide in some marijuana stocks could be simple profit-taking following the clearing of a big obstacle in Canada.
Trump on Friday made the remarks outside the White House in response to a question from the media on whether he would support a bill that would keep the federal government from intruding on states’ efforts to regulate marijuana. Sens. Elizabeth Warren, D-Mass., and Cory Gardner, R-Colo., introduced the bill on Thursday.
“I support Senator Gardner,” Trump said, according to Politico. “I know exactly what he’s doing, we’re looking at it. But I probably will end up supporting that, yes.”
Trump’s remarks put him