Cannabis shares soared Monday after President Donald Trump promoted a video pushing to put cannabidiol, or CBD, under Medicare protection.
Tilray Brands surged almost 20% and was up 36% after market open, while Canopy Growth jumped about 20% and Cronos Group rose 13%.
Aurora Cannabis climbed 13.3%, and Trulieve Cannabis — one of Wall Street’s prime hashish picks — spiked virtually 20%.
Cannabis shares soared Monday after President Donald Trump promoted a video pushing to put cannabidiol, or CBD, under Medicare protection. AFP via Getty Images
Green Thumb Industries, Curaleaf Holdings and Innovative Industrial Properties also saw their shares rise significantly on Monday.
The AdvisorShares Pure US Cannabis ETF jumped more than 25% and is headed for its strongest quarter ever, though the sector stays risky, with many firms still shedding money despite income growth.
The almost three-minute clip produced by a group called The Commonwealth Project options Trump and a narrator calling for wider access to CBD for seniors.
The almost three-minute clip produced by a group called The Commonwealth Project options Trump and a narrator calling for wider access to CBD for seniors. Truth Social/@actualDonaldTrump via The Commonwealth Project
“Older adults are suffering needlessly,” the voiceover said.
“Hemp-derived CBD can make them feel better, live longer and improve their quality of life significantly.”
The video could calm jitters in the hashish sector, which has been on edge over potential shifts in US drug coverage.
Older adults are struggling needlessly,” the voiceover said. “Hemp-derived CBD can make them feel better, live longer and improve their quality of life significantly.” Truth Social/@actualDonaldTrump via The Commonwealth Project
Trump said in August he was contemplating reclassifying marijuana as a less harmful substance “within the next few weeks,” though no motion has yet adopted.
The timing comes as Congress weighs tightening hemp laws.
Some Republicans are pushing for stricter limits on CBD merchandise that comprise hint quantities of THC, marijuana’s psychoactive ingredient.
Cannabis shares have slumped in gentle of discuss that the federal authorities may look to enact stricter limits on CBD merchandise. Truth Social/@actualDonaldTrump via The Commonwealth Project
The Commonwealth Project’s video touts CBD as a remedy to “restore” the endocannabinoid system, increase life expectancy and help with ache, sleep and stress.
It also swipes at pharmaceuticals, flashing a capsule bottle labeled “Probably Good For Blood Pressure.” The narrator claims one in 5 seniors already use CBD.
The Commonwealth Project was based by Howard Kessler, a financial providers veteran who shifted his focus to medical hashish, according to its web site.