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Publicly traded cannabis stocks jumped on Monday after President Donald Trump (R) this weekend shared a video on social media touting the medicinal benefits of cannabidiol (CBD) for senior citizens, Reuters reports.

U.S.-listed shares for public cannabis companies jumped after Trump shared the video on Sunday afternoon, including:

• Canopy Growth (WEED.TO), up 18.3%
• Tilray Brands (TLRY.O), up 42%
• Cronos Group (CRON.TO), up 15.5%
• Aurora Cannabis (ACB.TO), up 25.4%

Additionally, the cannabis exchange-traded funds AdvisorShares (MSOS.P) and Roundhill (WEED) both gained 21.8% and 21.6%, respectively, the report said.

The video shared by the president primarily focuses on CBD, a non-psychoactive cannabinoid often derived from hemp that, according to preliminary research, could carry significant and potentially underutilized health benefits. However, the video also references a cable news clip that suggests the U.S. could see nearly $64 billion in annual cost savings by federally legalizing cannabis so it could be “fully integrated into the healthcare system.”

Meanwhile, the president indicated at a private fundraiser event earlier this year that he was considering moving cannabis from its Schedule I status under federal law.

Last year, former President Joe Biden (D) formally initiated the move to reschedule cannabis from Schedule I to Schedule III, but the plan stalled under the DEA ahead of the transition into the second Trump presidency. Since then, Congress appointed a new DEA Administrator who has taken no further action on the issue, and the DEA judge overseeing the federal rescheduling hearings — which were postponed in January — has now retired.

Based in Portland, Oregon, Graham is Ganjapreneur’s Chief Editor. He has been writing about the legalization landscape since 2012 and has been contributing to Ganjapreneur since our official launch in… More by Graham Abbott