President Donald Trump posted a video on Truth Social on Sunday, promoting the potential health benefits of cannabis. Cannabis stocks lit up on Monday after Trump resurrected hopes for a change in federal drug policy.
TLRY stock is on fire. See the real-time price action here.
Is Trump Pro-Cannabis?
The video, created by The Commonwealth Project, suggested that CBD should be covered under Medicare, calling it “the most important senior health initiative of the century.”
It also claimed that CBD could slow the progression of diseases and serve as an alternative to many prescription drugs currently used by older adults while saving “$64 billion a year if cannabis is fully integrated into the healthcare system.”
Trump’s pro-CBD social media post follows comments he made in August that his administration is considering reclassifying cannabis at the federal level. This move could reduce criminal penalties and ease operational restrictions for businesses in the sector.
Cannabis Stocks Rally
The video sparked a rally in cannabis-related stocks, shaking up an already volatile industry, with major players like Canopy Growth Corp. (NASDAQ: CGC) rising 15% and Tilray Brands, Inc. (NASDAQ: TLRY) surging 35%.
Other notable gainers included Cronos Group, Inc. (NASDAQ: CRON), SNDL Inc. (NASDAQ: SNDL) and Aurora Cannabis, Inc. (NASDAQ: ACB), which rose over 20%.
The AdvisorShares Pure US Cannabis ETF (NYSE: MSOS), dedicated to the cannabis sector, was up nearly 20%, according to data from Benzinga Pro.
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