Cannabis Stocks Jump on Trump Marijuana Review; Lithium Stocks Rally as CATL Shuts Major Mine
US President Trump is considering reclassifying marijuana as a less dangerous drug, according to people familiar with the matter, after pot companies have poured millions of dollars into Trump’s political groups, the Wall Street Journal reported.
Cannabis stocks surged in premarket trading on Monday. Canopy Growth rose 24%; Cronos rose 19%; Tilray rose 17%; SNDL rose 7%; Aurora Cannabis rose 4%.
Lithium prices and stocks spiked on Monday after battery giant Contemporary Amperex Technology Co. Ltd. halted operations at a major mine in China, spurring speculation that Beijing might move to suspend other projects as it tackles overcapacity across the economy.
U.S.-listed lithium stocks surged in premarket trading on Monday. Piedmont Lithium rose 9%; Lithium Americas rose 8%; American Battery and Albemarle rose 7%.
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