On September 29, Trump shared a social media post that promoted cannabidiol, causing the market shares of cannabis companies to skyrocket.
Hemp-derived cannabidiol (CBD) could “revolutionize senior healthcare” by helping reduce disease progression and was shown as an alternative to prescription drugs, he said in a post on Truth Social on Sunday.
Reuters
Trump is not a doctor or health expert or advocate, and is not qualified to provide medical advise. In fact, some studies have observed increased cardiac risk in some older cannabis users with pre-existing conditions; in California and Ontario, Canada, emergency visits to the hospital among older marijuana users has skyrocketed.
MSOS, the largest American ETF that specializes in cannabis, surged.
U.S.-listed shares of Canopy Growth (WEED.TO), gained 18.3% and Tilray Brands (TLRY.O), jumped 42%, while Cronos Group (CRON.TO), added 15.5% and Aurora Cannabis (ACB.TO), gained 25.4%.
Exchange-traded funds by AdvisorShares (MSOS.P), surged 21.8% and Roundhill gained 21.6% and are both on track for their biggest quarterly gains on record of more than 70% each.
Reuters
Whether or not Trump, his family, or political allies have shares in the marijuana industry remains to be seen. It is likely if his relationship with marijuana even remotely resembles his relationship with cryptocurrency. Trump is looking into the reclassification of marijuana, which may not legalize it, but will soften the criminal penalties surrounding it.
The impetus for Trump to reclassify marijuana may stem from a fundraiser at his New Jersey golf resort, in which the CEO of Trulieve, a cannabis company, Kim Rivers took a seat for one million dollars. In other words, Trump’s consideration has been bought.
