<p>週三，隨着 <em>Axios</em> 報道 <strong>唐納德·特朗普</strong> 政府計劃儘快將大麻重新分類為第三類藥物，<strong>大麻 ETF</strong> 迎來了激增。</p>
<p>這一反彈在大麻行業普遍出現，像 <strong>Tilray Brands Inc</strong> (NASDAQ: TLRY) 和 <strong>Canopy Growth Corp</strong> (NASDAQ: CGC) 的股票分別上漲超過 15% 和 23%。跟蹤該行業的 ETF 也顯著受益，<strong>AdvisorShares Pure US Cannabis ETF</strong> (NYSE: MSOS) 上漲超過 25%，而 <strong>AdvisorShares Pure Cannabis ETF</strong> (NYSE: YOLO) 上漲約 18%，<strong>Amplify Alternative Harvest ETF</strong> (NYSE: MJ) 則上漲超過 22%。<strong>Amplify Seymour Cannabis ETF</strong> (NYSE: CNBS) 也錄得超過 24% 的強勁漲幅，反映出投資者對這一受挫領域的重新關注。</p>
<p>這一重新分類的提議最早在 2025 年底提出，將 把大麻轉移到與具有認可醫療用途的藥物相同的類別，但存在一定的濫用潛力。雖然這並不會在聯邦層面上合法化大麻，但這一變化可能會消除與第 280E 條款相關的重大税負，該條款目前阻止美國大麻公司扣除普通商業費用。對於主導 <strong>MSOS</strong> 投資組合的多州運營商（MSOs）來説，這可能意味着盈利能力的顯著提升。</p>
<p><strong>另請閲讀：</strong>
<strong>特朗普簽署命令以放寬聯邦大麻限制：大麻股票為何飆升又下跌</strong></p>
<h2><strong>為何 ETF 再次受到關注</strong></h2>
<p>這一潛在的政策轉變對大麻 ETF 具有重要影響，許多 ETF 在近年來面臨資金流入疲軟、流動性低和長期表現不佳的問題。重度依賴美國市場的基金將受益最大，因為改善的盈利可見性可能吸引因監管不確定性而一直處於觀望狀態的機構資本。</p>
<p>與此同時，像 <strong>YOLO</strong> 和 <strong>MJ</strong> 這樣的多元化基金，包括美國運營商和加拿大參與者如 Tilray Brands 和 Canopy Growth，可能會隨着整個行業投資者情緒的改善而重新獲得資金流入。</p>
<h2><strong>從戰術交易到結構性反轉？</strong></h2>
<p>對於一個長期被視為死錢的領域，真正的問題是這次反彈是否只是政策驅動的短期激增，還是持續反轉的開始。</p>
<p>轉向第三類藥物可能會解鎖研究覆蓋，擴大可投資範圍，並改善資本獲取。這些因素可能有助於大麻 ETF 從投機性交易轉變為更具基本面支持的投資。</p>
<p>儘管仍存在不確定性，特別是在時機和實施方面，但市場反應表明，投資者正在提前佈局，以應對可能的監管拐點，這可能最終為大麻 ETF 注入新的活力。</p>
<p><em>照片來源：Bukhta Yurii，來自 Shutterstock</em></p>

TLRY

純美國大麻 ETF

另類收益 ETF -ETFMG

MJUS

大麻 ETF - Cambria

<p>大麻 ETF 在特朗普政府可能將大麻重新分類為第三類藥物的報道後大幅上漲。像 Tilray 和 Canopy Growth 這樣的公司的股票顯著上漲，AdvisorShares Pure US Cannabis ETF 等 ETF 的漲幅超過 25%。這一重新分類可能減輕美國大麻公司的税負，提升盈利能力並吸引機構投資。這一反彈引發了人們對大麻行業是否標誌着持久的轉機，還是僅僅是政策變化驅動的短暫上漲的質疑</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>週三，隨着 <em>Axios</em> 報道 <strong>唐納德·特朗普</strong> 政府計劃儘快將大麻重新分類為第三類藥物，<strong>大麻 ETF</strong> 迎來了激增。</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>這一反彈在大麻行業普遍出現，像 <strong>Tilray Brands Inc</strong> (NASDAQ: TLRY) 和 <strong>Canopy Growth Corp</strong> (NASDAQ: CGC) 的股票分別上漲超過 15% 和 23%。跟蹤該行業的 ETF 也顯著受益，<strong>AdvisorShares Pure US Cannabis ETF</strong> (NYSE: MSOS) 上漲超過 25%，而 <strong>AdvisorShares Pure Cannabis ETF</strong> (NYSE: YOLO) 上漲約 18%，<strong>Amplify Alternative Harvest ETF</strong> (NYSE: MJ) 則上漲超過 22%。<strong>Amplify Seymour Cannabis ETF</strong> (NYSE: CNBS) 也錄得超過 24% 的強勁漲幅，反映出投資者對這一受挫領域的重新關注。</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>這一重新分類的提議最早在 2025 年底提出，將 把大麻轉移到與具有認可醫療用途的藥物相同的類別，但存在一定的濫用潛力。雖然這並不會在聯邦層面上合法化大麻，但這一變化可能會消除與第 280E 條款相關的重大税負，該條款目前阻止美國大麻公司扣除普通商業費用。對於主導 <strong>MSOS</strong> 投資組合的多州運營商（MSOs）來説，這可能意味着盈利能力的顯著提升。</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>另請閲讀：</strong>
<strong>特朗普簽署命令以放寬聯邦大麻限制：大麻股票為何飆升又下跌</strong></p>
</div><h2><strong>Why ETFs Are Back In Focus</strong></h2>
<div class="lb-trans"><h2><strong>為何 ETF 再次受到關注</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>這一潛在的政策轉變對大麻 ETF 具有重要影響，許多 ETF 在近年來面臨資金流入疲軟、流動性低和長期表現不佳的問題。重度依賴美國市場的基金將受益最大，因為改善的盈利可見性可能吸引因監管不確定性而一直處於觀望狀態的機構資本。</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>與此同時，像 <strong>YOLO</strong> 和 <strong>MJ</strong> 這樣的多元化基金，包括美國運營商和加拿大參與者如 Tilray Brands 和 Canopy Growth，可能會隨着整個行業投資者情緒的改善而重新獲得資金流入。</p>
</div><h2><strong>From Tactical Trade To Structural Turnaround?</strong></h2>
<div class="lb-trans"><h2><strong>從戰術交易到結構性反轉？</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>對於一個長期被視為死錢的領域，真正的問題是這次反彈是否只是政策驅動的短期激增，還是持續反轉的開始。</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>轉向第三類藥物可能會解鎖研究覆蓋，擴大可投資範圍，並改善資本獲取。這些因素可能有助於大麻 ETF 從投機性交易轉變為更具基本面支持的投資。</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>儘管仍存在不確定性，特別是在時機和實施方面，但市場反應表明，投資者正在提前佈局，以應對可能的監管拐點，這可能最終為大麻 ETF 注入新的活力。</p>
</div><p><em>Photo: Bukhta Yurii from Shutterstock</em></p>
<div class="lb-trans"><p><em>照片來源：Bukhta Yurii，來自 Shutterstock</em></p>
</div>

特朗普的大麻重新分類計劃引發了大麻 ETF 的上漲——突破是否終於到來？