<p>周三，随着 <em>Axios</em> 报道 <strong>唐纳德·特朗普</strong> 政府计划尽快将大麻重新分类为第三类药物，<strong>大麻 ETF</strong> 迎来了激增。</p>
<p>这一反弹在大麻行业普遍出现，像 <strong>Tilray Brands Inc</strong> (NASDAQ: TLRY) 和 <strong>Canopy Growth Corp</strong> (NASDAQ: CGC) 的股票分别上涨超过 15% 和 23%。跟踪该行业的 ETF 也显著受益，<strong>AdvisorShares Pure US Cannabis ETF</strong> (NYSE: MSOS) 上涨超过 25%，而 <strong>AdvisorShares Pure Cannabis ETF</strong> (NYSE: YOLO) 上涨约 18%，<strong>Amplify Alternative Harvest ETF</strong> (NYSE: MJ) 则上涨超过 22%。<strong>Amplify Seymour Cannabis ETF</strong> (NYSE: CNBS) 也录得超过 24% 的强劲涨幅，反映出投资者对这一受挫领域的重新关注。</p>
<p>这一重新分类的提议最早在 2025 年底提出，将 把大麻转移到与具有认可医疗用途的药物相同的类别，但存在一定的滥用潜力。虽然这并不会在联邦层面上合法化大麻，但这一变化可能会消除与第 280E 条款相关的重大税负，该条款目前阻止美国大麻公司扣除普通商业费用。对于主导 <strong>MSOS</strong> 投资组合的多州运营商（MSOs）来说，这可能意味着盈利能力的显著提升。</p>
<p><strong>另请阅读：</strong>
<strong>特朗普签署命令以放宽联邦大麻限制：大麻股票为何飙升又下跌</strong></p>
<h2><strong>为何 ETF 再次受到关注</strong></h2>
<p>这一潜在的政策转变对大麻 ETF 具有重要影响，许多 ETF 在近年来面临资金流入疲软、流动性低和长期表现不佳的问题。重度依赖美国市场的基金将受益最大，因为改善的盈利可见性可能吸引因监管不确定性而一直处于观望状态的机构资本。</p>
<p>与此同时，像 <strong>YOLO</strong> 和 <strong>MJ</strong> 这样的多元化基金，包括美国运营商和加拿大参与者如 Tilray Brands 和 Canopy Growth，可能会随着整个行业投资者情绪的改善而重新获得资金流入。</p>
<h2><strong>从战术交易到结构性反转？</strong></h2>
<p>对于一个长期被视为死钱的领域，真正的问题是这次反弹是否只是政策驱动的短期激增，还是持续反转的开始。</p>
<p>转向第三类药物可能会解锁研究覆盖，扩大可投资范围，并改善资本获取。这些因素可能有助于大麻 ETF 从投机性交易转变为更具基本面支持的投资。</p>
<p>尽管仍存在不确定性，特别是在时机和实施方面，但市场反应表明，投资者正在提前布局，以应对可能的监管拐点，这可能最终为大麻 ETF 注入新的活力。</p>
<p><em>照片来源：Bukhta Yurii，来自 Shutterstock</em></p>

TLRY

纯美国大麻 ETF

另类收益 ETF -ETFMG

MJUS

大麻 ETF - Cambria

<p>大麻 ETF 在特朗普政府可能将大麻重新分类为第三类药物的报道后大幅上涨。像 Tilray 和 Canopy Growth 这样的公司的股票显著上涨，AdvisorShares Pure US Cannabis ETF 等 ETF 的涨幅超过 25%。这一重新分类可能减轻美国大麻公司的税负，提升盈利能力并吸引机构投资。这一反弹引发了人们对大麻行业是否标志着持久的转机，还是仅仅是政策变化驱动的短暂上涨的质疑</p>

<p>Cannabis ETFs surged Wednesday after <em>Axios</em> reported that the <strong>Donald Trump</strong> administration is set to reclassify marijuana as a Schedule III drug as soon as today.</p>
<div class="lb-trans"><p>周三，随着 <em>Axios</em> 报道 <strong>唐纳德·特朗普</strong> 政府计划尽快将大麻重新分类为第三类药物，<strong>大麻 ETF</strong> 迎来了激增。</p>
</div><p>The rally was seen across the cannabis industry, with stocks of companies like <strong>Tilray Brands Inc</strong> (NASDAQ: TLRY) and <strong>Canopy Growth Corp</strong> (NASDAQ: CGC) surging more than 15% and 23%, respectively. ETFs tracking the industry also benefited significantly, with the <strong>AdvisorShares Pure US Cannabis ETF</strong> (NYSE: MSOS) jumping more than 25%, while <strong>AdvisorShares Pure Cannabis ETF</strong> (NYSE: YOLO) gained around 18% and <strong>Amplify Alternative Harvest ETF</strong> (NYSE: MJ) climbed over 22%. The <strong>Amplify Seymour Cannabis ETF</strong> (NYSE: CNBS) also posted strong gains of more than 24%, reflecting renewed investor appetite for the beaten-down space.</p>
<div class="lb-trans"><p>这一反弹在大麻行业普遍出现，像 <strong>Tilray Brands Inc</strong> (NASDAQ: TLRY) 和 <strong>Canopy Growth Corp</strong> (NASDAQ: CGC) 的股票分别上涨超过 15% 和 23%。跟踪该行业的 ETF 也显著受益，<strong>AdvisorShares Pure US Cannabis ETF</strong> (NYSE: MSOS) 上涨超过 25%，而 <strong>AdvisorShares Pure Cannabis ETF</strong> (NYSE: YOLO) 上涨约 18%，<strong>Amplify Alternative Harvest ETF</strong> (NYSE: MJ) 则上涨超过 22%。<strong>Amplify Seymour Cannabis ETF</strong> (NYSE: CNBS) 也录得超过 24% 的强劲涨幅，反映出投资者对这一受挫领域的重新关注。</p>
</div><p>The proposed reclassification, first floated in late 2025, would shift marijuana into the same category as drugs with accepted medical use but some abuse potential. While it would not legalize cannabis at the federal level, the change could remove a major tax burden tied to Section 280E, which currently prevents U.S. cannabis companies from deducting ordinary business expenses. For multi-state operators (MSOs)—which dominate portfolios like <strong>MSOS</strong>—this could translate into a meaningful boost in profitability.</p>
<div class="lb-trans"><p>这一重新分类的提议最早在 2025 年底提出，将 把大麻转移到与具有认可医疗用途的药物相同的类别，但存在一定的滥用潜力。虽然这并不会在联邦层面上合法化大麻，但这一变化可能会消除与第 280E 条款相关的重大税负，该条款目前阻止美国大麻公司扣除普通商业费用。对于主导 <strong>MSOS</strong> 投资组合的多州运营商（MSOs）来说，这可能意味着盈利能力的显著提升。</p>
</div><p><strong>Read Also:</strong>
<strong>Trump Signs Order To Ease Federal Marijuana Restrictions: Here Is Why Cannabis Stocks Soared And Then Fell</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>特朗普签署命令以放宽联邦大麻限制：大麻股票为何飙升又下跌</strong></p>
</div><h2><strong>Why ETFs Are Back In Focus</strong></h2>
<div class="lb-trans"><h2><strong>为何 ETF 再次受到关注</strong></h2>
</div><p>The potential policy shift has significant implications for cannabis ETFs, many of which have struggled with weak flows, low liquidity, and prolonged underperformance in recent years. Funds with heavy U.S. exposure stand to benefit the most, as improved earnings visibility could attract institutional capital that has largely stayed on the sidelines due to regulatory uncertainty.</p>
<div class="lb-trans"><p>这一潜在的政策转变对大麻 ETF 具有重要影响，许多 ETF 在近年来面临资金流入疲软、流动性低和长期表现不佳的问题。重度依赖美国市场的基金将受益最大，因为改善的盈利可见性可能吸引因监管不确定性而一直处于观望状态的机构资本。</p>
</div><p>At the same time, diversified funds like <strong>YOLO</strong> and <strong>MJ</strong>, which include both U.S. operators and Canadian players such as Tilray Brands and Canopy Growth, could see renewed inflows as broader investor sentiment improves across the sector.</p>
<div class="lb-trans"><p>与此同时，像 <strong>YOLO</strong> 和 <strong>MJ</strong> 这样的多元化基金，包括美国运营商和加拿大参与者如 Tilray Brands 和 Canopy Growth，可能会随着整个行业投资者情绪的改善而重新获得资金流入。</p>
</div><h2><strong>From Tactical Trade To Structural Turnaround?</strong></h2>
<div class="lb-trans"><h2><strong>从战术交易到结构性反转？</strong></h2>
</div><p>For a segment long viewed as dead money, the real question is whether this rally is just a policy-driven spike or the beginning of a sustained turnaround.</p>
<div class="lb-trans"><p>对于一个长期被视为死钱的领域，真正的问题是这次反弹是否只是政策驱动的短期激增，还是持续反转的开始。</p>
</div><p>A shift to Schedule III could unlock research coverage, expand the investable universe, and improve access to capital. These factors may help cannabis ETFs transition from speculative trades to more fundamentally supported investments.</p>
<div class="lb-trans"><p>转向第三类药物可能会解锁研究覆盖，扩大可投资范围，并改善资本获取。这些因素可能有助于大麻 ETF 从投机性交易转变为更具基本面支持的投资。</p>
</div><p>While uncertainties remain, particularly around timing and implementation, the market reaction suggests investors are positioning early for a potential regulatory inflection point that could finally breathe life back into cannabis ETFs.</p>
<div class="lb-trans"><p>尽管仍存在不确定性，特别是在时机和实施方面，但市场反应表明，投资者正在提前布局，以应对可能的监管拐点，这可能最终为大麻 ETF 注入新的活力。</p>
</div><p><em>Photo: Bukhta Yurii from Shutterstock</em></p>
<div class="lb-trans"><p><em>照片来源：Bukhta Yurii，来自 Shutterstock</em></p>
</div>

特朗普的大麻重新分类计划引发了大麻 ETF 的上涨——突破是否终于到来？