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Can we trust the stock market's move to all-time highs? Jim Cramer told his Mad Money viewers Thursday that the rally is built to last and has all the earmarks of being sustainable.

Cramer explained that earlier this year, the market was led by growth stocks, like FANG, Cramer's acronym for Facebook (FB) - Get Meta Platforms Inc. Class A Report , Amazon (AMZN) - Get, Inc. Report , Netflix (NFLX) - Get Netflix, Inc. Report and Alphabet (GOOGL) - Get Alphabet Inc. Class A Report . It was also led by the cloud kings, healthcare and fintech.

But now the market is seeing a rotation into value stocks that had been left behind. And that's a healthy thing. Cramer said the banks are beginning to rally, with names like JPMorgan Chase (JPM) - Get JPMorgan Chase & Co. Report up from $114 just two days ago, to $119 today. That's a huge move for a large-cap bank. In addition to JPMorgan, Cramer was also bullish on Citigroup (C) - Get Citigroup Inc. Report .

The industrials have also become value names, despite being in the middle of the trade wars. Caterpillar (CAT) - Get Caterpillar Inc. Report shares are rallying because its growth outside of China offsets weakness inside of China.

Cramer said the longer the trade wars rage on, the more the impacts can be understood. Even if all of the tariffs were passed onto U.S. consumers, it's beginning to look like things won't be that bad. That's why some of the most left-behind sectors are now able to rally.

Cramer and the AAP team say they're confident in the outlook for Walt Disney Co. (DIS) - Get Walt Disney Company Report and Comcast (CMCSA) - Get Comcast Corporation Class A Report . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Pot's Too Hot 

The cannabis stocks have gotten too hot to handle, Cramer warned viewers, but don't blame the cannabis companies.

Today we saw shares of Tilray (TLRY) - Get Tilray Brands, Inc. Report plummet 17.6% in a volatile session. But for the week, shares are still up over 46%. Is this a classic sign of a bubble? Cramer said simply, "you bet."

But, Cramer added, all of the cannabis companies he's talked to have been tempering expectations, and have realistic total addressable market values in their presentations and filings. The market, however, is looking for a quick return and are piling into these stocks just as they did with the dot-com names in 2000.

While the cannabis companies are more legit than say the eToys of yesteryear, Cramer said, the cannabis stocks are very thinly traded, which means there aren't enough shares to go around. This leads to short squeezes and very volatile stocks, like we saw today.

While Canopy Growth Corp (CGC) - Get Canopy Growth Corporation Report remains Cramer's favorite in the group, he said those betting there's lots of money to be made on legalization of weed have already missed the move.

Over on Real Money, Cramer talks about the Tilray (TLRY) - Get Tilray Brands, Inc. Report short squeeze. Get more of his insights with a free trial subscription to Real Money.

Executive Decision: Corbus Pharmaceuticals 

For his "Executive Decision" segment, Cramer again sat down with Yuval Cohen, CEO of Corbus Pharmaceuticals (CRBP) - Get Corbus Pharmaceuticals Holdings Inc Report , which saw its shares skyrocket 53% on news the company has struck a deal with Jenrin Discovery to study 600 of their compounds.

Cohen started off by saying that Corbus' drugs have nothing to do with the cannabis plant. The company started in 2014, working on a man-made cannabinoid and has now expanded to other cannabinoids and will have access to Jenrin's portfolio of cannabinoids as well.

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Unlike cannabis the plant, Corbus' compounds work on the body outside of the brain, and have no mood-altering effects. But they can have an effect on certain rare diseases, like cystic fibrosis. The company is currently in Phase II and Phase III trials to treat several rare diseases, some of which have no treatments available and mortality rates upwards of 50%.

Cohen added that many of Corbus' studies are sponsored by the National Institute of Health.

Off the Tape

In his "Off The Tape" segment, Cramer sat down with Rishi Gautam, executive chairman of the privately-held Mjardin Group, a company that helps manage cannabis dispensaries.

Gautam said that Mjardin has been operating since 2009, working in the cultivation, extraction and retail areas of the legal cannabis industry. The company plans to take part of its business public later this year through a reverse merger, a deal which Gautam said is the fastest way to get into the public market.

When asked how investors should look at the cannabis industry when stocks like Tilray can rocket higher, then implode just days later, Gautam said investors should look for actual companies with actual profits. He said 35% of his company is owned by institutions.

Turning to the topic of legalization in the U.S., Gautam said Mjardin is buying businesses in states where cannabis is legal and will continue to do so until it's legalized on the federal level.

Lightning Round 

In the Lightning Round, Cramer was bullish on Microsoft (MSFT) - Get Microsoft Corporation Report and Schlumberger (SLB) - Get Schlumberger NV Report .

Cramer was bearish on Proofpoint (PFPT) - Get Proofpoint, Inc. Report , Mammoth Energy Services (TUSK) - Get Mammoth Energy Services, Inc. Report , WestRock (WRK) - Get WestRock Company Report and Snap (SNAP) - Get Snap, Inc. Class A Report .

No-Huddle Offense 

In his "No-Huddle Offense" segment, Cramer told viewer to think before they sell the growth stocks. Value stocks may be beginning to rally, but he's not willing to give up on the names that got us here.

Cramer said that he still likes both Amazon and Alphabet. He also wouldn't give up on Nvidia (NVDA) - Get NVIDIA Corporation Report , which fell 2.1% today.

That's not to say there aren't areas for concern however, as Cramer noted that he was surprised to hear that Red Hat (RHT) - Get Red Hat, Inc. Report was having pricing concerns.

Cramer concluded by noting that investors need to stay diversified, so even if the value stocks are red hot, there still should be some growth in your portfolio.

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At the time of publication, Cramer's Action Alerts PLUS had a position in DIS, CMCSA, FB, AMZN, GOOGL, JPM, C, MSFT, SLB, WRK, NVDA.