Weed stocks soar after Trump reposts video touting CBD products as the “most important senior health initiative of the century”

Weed stocks are roaring out of the gate on Monday morning after President Donald Trump reposted a video from The Commonwealth Project detailing the benefits of hemp-derived CBD products for seniors as the “most important senior health initiative of the century.”

Canopy Growth, Tilray, SNDL Inc., and Cronos Group are all up between 10% and 20% as of 7 a.m. ET.

The clip says that hemp-derived CBD products offer relief from pain, inflammation, and cognitive decline faster than “dangerous and addictive” pharmaceuticals or tweaks to diet and lifestyle. This can “add years to your life,” per The Commonwealth Project, which bills itself as “working to prioritize the 65+ population by integrating medical cannabis into mainstream health care for seniors.”

The roughly three-minute-long video focuses on hemp-derived CBD products, but it also includes a clip from Fox News that claims annual cost savings to the US of nearly $64 billion per year if cannabis is fully integrated into the healthcare system.

Over the past couple of months, marijuana stocks have been powered by the potential for the Trump administration to reclassify marijuana as a less dangerous drug, which news reports and the president himself have suggested is under consideration.

The Commonwealth Project’s video hails the 2018 Farm Bill signed by Trump in his first term (which legalized hemp production at the federal level) as a “first step,” but also calls for Medicare coverage for CBD to “give millions of seniors the support they deserve.”