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Why Trulieve Cannabis Skyrocketed 14.1% Today

TheMotleyFool

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Why Trulieve Cannabis Skyrocketed 14.1% Today: https://g.foolcdn.com/editorial/images/847616/gettyimages-1486217883-1201x796-4a9452d.jpg

Shares of Trulieve Cannabis Corp (OTC: TCNNF) soared on Tuesday, finishing the day up 14.1%. The jump comes as the S 500 lost 0.3% and the Nasdaq Composite gained 0.2%.

The cannabis stock is surging after President Donald Trump confirmed a report that his administration is exploring marijuana reclassification -- a shift that could reshape the cannabis industry and have an immediate impact on Trulieve's business.

Speaking to reporters from the Oval Office on Monday, Trump said he is considering moving cannabis and cannabis-related products to Schedule III controlled substance status, noting that "a lot of people want to see it."

Source Fool.com