Controversial former congressman and Trump loyalist Matt Gaetz sent cannabis stocks rallying last week after suggesting in an op-ed that cannabis rescheduling could be ‘on the horizon’.
Gaetz, who has a history of supporting cannabis reform during his tenure in Congress and was briefly set to become Attorney General in the second Trump administration, published an opinion piece in the Tampa Bay Times last week.
In it, he suggested that there could yet be hope for the currently stalled cannabis rescheduling process, arguing that under Trump ‘there is meaningful change finally on the horizon’.
Trump’s personal position on cannabis has remained relatively opaque since his inauguration, with vocal support of the rescheduling project and Florida adult-use legalization emerging during his campaign, but mixed messaging and appointments in the early days of his administration.
In his article, Gaetz stated that the current federal policy has ‘severely hindered research, blocked access for patients… and burdened legitimate businesses with unnecessary regulations.
Reschedule Cannabis! https://t.co/U6LM93DVsN
— Matt Gaetz (@mattgaetz) March 27, 2025
He placed a particular emphasis on the benefits rescheduling would provide to ‘our nation’s veterans’, enabling the Department of Veterans Affairs to fully explore ‘cannabis-related treatments as an option for these heroes’.
He continued: “Trump has long been a champion of cutting through bureaucratic red tape, and his support for rescheduling cannabis is another example of his commitment to commonsense reform.
“By backing this move, he stands up for patients, small businesses and especially our veterans. 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.”
While Gaetz is thought to have fallen on his sword after being informed he did not have enough votes to be approved as Attorney General by the President-elect, ultimately leading to his withdrawal from the race, he has been one of the fiercest allies of Trump and is understood to maintain a close relationship with him.
The apparent confidence drove cannabis stock up last week, with New Cannabis Venture’s American Cannabis Operator Index jumping nearly 7% on Thursday, after the article was published, and remaining at these peaks through Friday.
