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Canadian and U.S. marijuana stocks are riding high on news that President Donald Trump will support congressional efforts to protect states that have legalized cannabis, which is illegal south of the border under federal law.

Licensed producer Aphria Inc.’s stock rose nearly 15 per cent to close at $11.40 on the Toronto Stock Exchange while Friday Night Inc., which owns cannabis assets in Las Vegas, saw its shares rise by more than 20 per cent to close at $0.65 on the Canadian Securities Exchange.

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Liberty Health Sciences, which has interests in U.S. states where the drug is legal and in which Aphria has a stake, saw its shares rise more than 19 per cent to close at $0.99 on the CSE.

“This is the first time the President has publicly expressed support for state legislation that protects medical cannabis. This commitment will help drive pending federal legislation forward,” said George Scorsis, CEO Liberty Health Sciences.