Shares of cannabis stocks rallied Monday after President Donald Trump shared a video promoting putting cannabidiol, or CBD, under Medicare coverage.
“Older adults are suffering needlessly,” said the narrator of the nearly three-minute video, produced by The Commonwealth Project, an initiative pushing to make medical cannabis — including CBD — accessible to seniors. “Hemp-derived CBD can make them feel better, live longer and improve their quality of life significantly.”
The Amplify Alternative Harvest ETF climbed as much as 26% on Monday. Shares of Tilray Brands Inc. gained more than 50%, while Canopy Growth Corp., and Cronos Group Inc. also surged.
“No sitting president has ever publicly pushed for Medicare to cover cannabinoids, and that alone is historic,” said Adam Stettner, chief executive officer of FundCanna, a cannabis-finance firm, after Trump reposted the video. “It reflects a shift in thinking from the White House that most Americans already support: responsible access for cannabis products, especially for seniors.”
The video, which includes footage of Trump, adds to uncertainty swirling around the cannabis sector, which investors and policymakers are watching closely for signs of movement on marijuana rescheduling and broader reform. Trump said in early August that he was considering reclassifying marijuana as a less dangerous drug within “the next few weeks,” though no announcement has followed.
It also comes as Congress debates tightening federal hemp laws. Some Republican lawmakers want stricter rules that could make it harder to produce CBD products, many of which contain trace amounts of THC, the psychoactive compound in marijuana.
The video pitches CBD as a treatment to “restore” the endocannabinoid system, extend seniors’ lives and improve pain relief, sleep and stress levels. It also criticizes “dangerous pharmaceuticals” often prescribed to older Americans, showing a pill bottle labeled “Probably Good For Blood Pressure.” The narrator claims that 20% of seniors are already using CBD.
The clip is credited to The Commonwealth Project founded by Howard Kessler, who, according to the entity’s website, had a long career in financial services before focusing on medical cannabis.
