Cannabis stocks soared Monday after President Donald Trump promoted a video pushing to put cannabidiol, or CBD, under Medicare coverage.
Tilray Brands surged nearly 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 top cannabis picks — spiked almost 20%.
Green Thumb Industries, Curaleaf Holdings and Innovative Industrial Properties also saw their shares rise considerably on Monday.
The AdvisorShares Pure US Cannabis ETF jumped more than 25% and is headed for its strongest quarter ever, though the sector remains volatile, with many companies still losing money despite revenue growth.
The nearly three-minute clip produced by a group called The Commonwealth Project features Trump and a narrator calling for wider access to CBD for seniors.
“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 cannabis sector, which has been on edge over potential shifts in US drug policy.
Trump said in August he was considering reclassifying marijuana as a less dangerous substance “within the next few weeks,” though no action has yet followed.
The timing comes as Congress weighs tightening hemp regulations.
Some Republicans are pushing for stricter limits on CBD products that contain trace amounts of THC, marijuana’s psychoactive ingredient.
The Commonwealth Project’s video touts CBD as a treatment to “restore” the endocannabinoid system, boost life expectancy and help with pain, sleep and stress.
It also swipes at prescription drugs, flashing a pill bottle labeled “Probably Good For Blood Pressure.” The narrator claims one in five seniors already use CBD.
The Commonwealth Project was founded by Howard Kessler, a financial services veteran who shifted his focus to medical cannabis, according to its website.
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