'Fast Money' trader Tim Seymour talks how to play pot stocks as President Donald Trump floats changing federal marijuana classification.

Cannabis-related stocks experienced a sharp rise after President Trump indicated his administration is exploring the possibility of reclassifying marijuana, which would reduce criminal penalties and alter its federal status. Major American cannabis companies and top cannabis ETFs were among the biggest gainers following the announcement.

Industry experts noted that previous discussions about reclassification have not always led to action, but recent lobbying efforts by cannabis CEOs and influencers may be having an impact. If marijuana is rescheduled from schedule one to schedule three, it could significantly improve financial conditions for cannabis businesses and potentially attract more institutional investment, especially if the substance is recognized for its medical efficacy.

Pot stocks move on news Trump floats reclassification

Pot stock soaring after President Trump said his administration was looking at a potential reclassification for marijuana, lightening criminal penalties, and changing the industry's federal standing. Trulieve, Cureleaf, Green Thumb, and Innovative Industrial Properties, the biggest winners among American cannabis companies. Top three ETFs also saw massive gains. Are Tim Seymour's all in on this space? So I feel we've heard this in the past, didn't happen, but this time, maybe different? Yeah, and hopefully I've been trying to, look, I run a cannabis ETF, but I've tried to be careful about the pom-poms here because we have heard this before. And going into the elections, there's no question that Biden administration was finally coming around to rescheduling. What's clear about this administration and even the big, beautiful bill, where there was money allocated to veterans and to veterans' causes for medical cannabis, medical, with an emphasis on the word medical. So medical efficacy is what will change schedule one to schedule three. At this point, there's no question about it. And the FDA under Biden did that. Remember, think of all the presidential and administrative actions that this administration is carrying out. That's all this requires. This requires Trump's ear. The argument, excuse me, the article in the journal, the CNN report, all corroborating that there was a meeting earlier in the month between Trump and a bunch of big influencers in the cannabis industry. By the way, cannabis CEOs doing the right thing, coming together, policy-wise, that's what it takes. And they have lobbied the president. So if you go from schedule three to schedule one, it changes free cash flow dramatically in the cannabis space. And these stocks, after a 30 percent move today and almost a 40 percent move last week, are still down 50 percent from pre-election. This is an industry without any institutional capital. And if you start to get some of these things follow through right now, that's all it takes. Rescheduling would also mean that institutions would then theoretically be free to invest? I mean, doors open once it's rescheduled. I think institutions are free to invest right now. Just many choose not to. I think the exchange listings are a big deal for that. There's no question, though, that if you suddenly have this as a medicinal influence in people's lives and it's regulated and it's handled the right way, I think this opens many doors.

The National Guard has started to patrol the streets of Washington after U.S. President Donald Trump declared a crime emergency. He’s also ordered troops to clear out all homeless encampments by the end of the week.

Washington

National Guard starts patrolling Washington

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Madrid

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Brussels

Ukraine Invasion

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Trump claims 'land swapping' between Russia, Ukraine will happen

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Trump to meet with Putin in Alaska on Friday

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Alaska

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Trump says both sides in Ukraine war will need to cede territory

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Jerusalem

Middle East Conflict

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Clairton

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Trump deploying National Guard to Washington, D.C.

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Kyiv

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Tel Aviv-Yafo

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Anchorage

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Milwaukee

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Israeli anti-government protesters take to the streets in Tel Aviv

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Bournemouth

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Atlanta

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San Luis Obispo

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Breakdown