Cannabis stocks soar after Trump shares video promoting drug’s use for seniors | Cannabis

Cannabis stocks are at the top after Donald Trump shared a video on Sunday to promote cannabis consumption for the elderly and CBD products coverage.

The video of almost three minutes, published on the president’s social platform of the president, praises the use of the CBD derived from hemp as a “Gamechanger” which is a relief of pain and stress for the elderly.

The actions of cannabis companies, including the growth of the canopy, the Tilray and Cronos group jumped on Monday when the actions opened for the week. MSOS, an Advisorshares Traded Fund fund (ETF), also skyrocketed on Monday after Trump published the video.

The video was produced by the Commonwealth Project, a group promoting cannabis consumption for senior health care and congratulated Trump for its 2018 agricultural bill which legalized industrial hemp.

“Now it’s time to educate doctors … Provide medical coverage for the CBD and give millions of elderly the support they deserve,” said video.

The cannabis industry has long hoped that the White House would take other measures to decriminalize cannabis at the federal level.

Under the administration of Joe Biden, the Ministry of Health and Social Services requested that Drug Enforcement Administration (DEA) is reclaiming cannabis as a low -risk substance. Marijuana is now classified as an appendix I drug in accordance with the law on controlled substances, which means that it has no accepted medical use and has a high risk of abuse.

But the Trump administration had been silent to the decriminalization of marijuana until August, when Trump told journalists that his administration “plans to reclassify and we will take a determination in the coming weeks”.

“I heard that great things had to do with Medical, and I heard bad things to do with almost everything else,” said Trump. “It’s a very complicated subject.”

Currently, 40 states allow you to use medical cannabis products and 24 states allow non -medical cannabis consumption.

Tilray led a rally by industry actions in New York on Monday, increasing by more than 40% in the wake of Trump’s video.

Defenders of cannabis for medical use say that the legalization of marijuana at the federal level will allow better investment in research and will extend access.

“While the DEA plans to reprogram cannabis, today, it is still a drug from Annex I – a classification of the law on substances controlled for the most dangerous drugs such as heroin and LSD,” said the Commonwealth project on its website. “Consequently, studying cannabis is difficult and not integrated into complete medical care, depriving millions of Americans aged 65 and more potential alternative therapies that change their life for medical diseases.”

But we do not know where Terrance Cole, the administrator of Trump’s DEA, stands on the reclassification of cannabis. The defenders stressed that when the Cole is appointed in July, he did not mention the reclassification of cannabis among his priorities, rather focusing on the reprimand on fentanyl.