Cannabis stocks surged after Trump backed Medicaid coverage of CBD in a Truth Social video, sparking renewed debate on federal marijuana reform.
Cannabis stocks soared on Monday after former US president Donald Trump shared a video on Truth Social promoting the use of CBD products for seniors and calling for Medicaid coverage.
The nearly three-minute video, produced by the Commonwealth Project, praised Trump for his 2018 farm bill legalizing industrial hemp and urged further reforms. “Now it’s time to educate doctors … provide Medicare coverage for CBD and give millions of seniors the support they deserve,” the video stated.
The video described hemp-derived CBD as a “gamechanger” for pain and stress relief among seniors. Following its release, shares of Canopy Growth, Tilray, and Cronos Group jumped sharply, with Tilray rallying more than 40%. The AdvisorShares Cannabis ETF (MSOS) also surged.
While Trump previously remained silent on cannabis policy, he told reporters in August that his administration is “looking at reclassification.”
Marijuana remains a Schedule I drug under federal law, limiting research and medical integration despite 40 states allowing medical cannabis and 24 permitting recreational use.
Advocates argue federal reform would expand research and access, though Trump’s DEA chief, Terrance Cole, has yet to commit to reclassification.