Cannabis Stocks Surge After Trump Shares Video Promoting CBD Medicine

Cannabis stocks jumped on Monday after President Trump shared a nearly three-minute video on social media touting the medicinal benefits of CBD for senior citizens. Publicly traded cannabis stocks jumped on Monday after President Donald Trump (R) this weekend shared a video on social media touting the medicinal benefits of cannabidiol (CBD) for senior citizens, Reutersreports.

U.S.-listed shares for public cannabis companies jumped after Trump shared the video on Sunday afternoon, including:

• Canopy Growth (WEED.TO), up 18.3%

• Tilray Brands (TLRY.O), up 42%

• Cronos Group (CRON.TO), up 15.5%

• Aurora Cannabis (ACB.TO), up 25.4%

Additionally, the cannabis exchange-traded funds AdvisorShares (MSOS.P) and Roundhill (WEED) both gained 21.8% and 21.6%, respectively, the report said.

The video shared by the president primarily focuses on CBD, a non-psychoactive cannabinoid often derived from hemp that, according to preliminary research, could carry significant and potentially underutilized health benefits. However, the video also references a cable news clip that suggests the U.S. could see nearly $64 billion in annual cost savings by federally legalizing cannabis so it could be “fully integrated into the healthcare system.”

Meanwhile, the president indicated at a private fundraiser event earlier this year that he was considering moving cannabis from its Schedule I status under federal law.

Last year, former President Joe Biden (D) formally initiated the move to reschedule cannabis from Schedule I to Schedule III, but the plan stalled under the DEA ahead of the transition into the second Trump presidency. Since then, Congress appointed a new DEA Administrator who has taken no further action on the issue, and the DEA judge overseeing the federal rescheduling hearings — which were postponed in January — has now retired.