Trump nominates marijuana reformist Gates as Attorney General, pushing marijuana ETF higher before market opening.

On Thursday, US President-elect Donald Trump nominated Republican Congressman Matt Gaetz, who has long been committed to marijuana reform, as the next US Attorney General, leading to a continued rise in marijuana-related ETFs in pre-market trading. Gaetz, a staunch supporter of Trump, is one of three Republican congressmen who approved the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which aims to promote the legalization of marijuana at the federal level. In addition, Gaetz has also twice supported a bipartisan marijuana banking bill, ensuring that Financial Institutions, Inc. can provide services to legal marijuana businesses without federal penalties. Although he did not support the recent measure to legalize recreational marijuana in Florida, Trump did support the initiative. If Gaetz is confirmed by the Senate, this indicates that the Trump administration will not hinder marijuana reform, including the Justice Department's proposal to move marijuana from the high-risk category in the Controlled Substances Act to the low-risk category. Marijuana-related ETFs include the AdvisorShares Pure Cannabis ETF (YOLO.US), ETFMG Alternative Harvest ETF (MJ.US), and Amplify Seymour Cannabis ETF (CNBS.US).