A new US administration, China’s AI upset, and now a looming trade war have played havoc with the stock market in the first weeks of the year, and cannabis stocks are no exception.
Cannabis stocks across the globe have faltered in the wake of a chaotic start to 2025, impacted not just by global economic headwinds but also by doubts over the future of cannabis rescheduling and the attitudes of the incoming US administration towards cannabis.
New Cannabis Ventures reports that its Global Cannabis Stock Index, which tracks the performance of leading cannabis stocks, fell 7.3% in January to 6.38, following a 7.5% decline in December 2024.
Similarly, its American Cannabis Operator Index (-9.23261) and Canadian Cannabis Operator Index have both fallen by 9.2% and 15.8%, respectively, since the start of January 2025.
It comes as Trump’s administration presents a mixed picture in terms of outlook for support of cannabis reform.
As previously reported, the new head of the Drug Enforcement Administration (DEA), Derek Maltz, appears to represent continuity in terms of the administration’s stance on cannabis, namely hostile.
Last week, hearing took place to confirm Robert F. Kenedy Jr. as the next secretary of Health and Human Services, seeing the one-time cannabis advocate roll back on his support somewhat.
During his independent run for president, RFK Junior announced his intention to legalize cannabis and use the proceeds to help fund addiction treatment, helping address ‘the rise of mental illness and PTSD’.
However, when pressed by Sen. Elizabeth Warren (D-MA) on whether he would commit to working with the Department of Justice (DOJ) and DEA to advance rescheduling efforts, Kennedy said he would ‘defer to the DOJ and DEA’.
Elsewhere, Trump’s choice of director of national intelligence (DNI), former Rep. Tulsi Gabbard has also been a long-term advocate of cannabis legalization, and recently suggested that past cannabis convictions should not disqualify a person from receiving security clearance when working for the government.
Trump’s own position on cannabis remains unclear. During the election, he voiced support for legalization in Florida and cannabis banking reform bills, marking a sharp turnaround in rhetoric for the president.
What is clear is that Trump values fealty and loyalty above all else. As such, the US’ biggest cannabis players are now positioning themselves to capitalize on this fact.
Marijuana Moment reported today that, according to newly disclosed lobbying contribution report, Curaleaf made a $250,000 donation to President Donald Trump’s inaugural committee, funnelling the contribution through the U.S. Cannabis Council (USCC)—one of the industry’s most powerful trade associations.
David Culver, senior vice president of public affairs at USCC, confirmed the donation, emphasizing the need for industry engagement with federal policymakers.
Trulieve’s CEO, Kim Rivers, is also understood to have attended two exclusive pre-inauguration events including a $500,000 per ticket VIP dinner for JD Vance and a second $125,000 candlelight dinner event.
The company was a major contributor to the recent efforts to legalize cannabis in Florida, a move that Trump supported.