A video recently posted to US President Donald Trump’s Truth Social account saw shares in cannabis companies get a bump up.
The post, dated September 28 and without commentary from the President, featured video from The Commonwealth Project supporting the use of hemp-derived cannabidiol (CBD) by seniors, stating it could revolutionize senior healthcare.
“Older adults are suffering needlessly,” states the video. “Hemp-derived CBD can help them live better, live longer and improve their quality of life.”
The video also urges the provision of Medicare coverage for CBD to “give millions of seniors the support they deserve”.
The Commonwealth Project says its efforts are driven by a philanthropic and compassionate desire to assist millions of seniors facing increasingly complex health issues as they age.
After the video post from the President, many cannabis companies saw lift in their stocks when trading for the week started, even some of those that have little or no skin in the hemp-derived CBD industry.
Hemp-derived CBD is already legal at a federal level in the USA as a result of the 2018 Farm Bill that basically made hemp an agricultural crop like any other, with the exception of plants above 0.3% delta-9 THC dried weight, which are considered marijuana and therefore illegal in the eyes of the feds.
According to the Centers for Disease Control and Prevention:
“This law removed hemp from the federal Controlled Substances Act, effectively legalizing CBD if it comes from hemp. However, a few states have not removed hemp from their state’s-controlled substances acts, so legality of CBD products differs across states.”
In 2022, Trump’s predecessor Joe Biden tasked the Secretary of Health and Human Services (HHS) and the Attorney General with commencing an administrative process to review how marijuana is scheduled under federal law – currently classified as a Schedule I drug; the classification reserved for the most dangerous substances.
The HHS subsequently provided advice that marijuana has a currently accepted medical use in treatment in the United States; and its potential for abuse less than the drugs or other substances in Schedules I and II.
The Biden move, and the strong support it attracted, obviously didn’t go unnoticed by President Trump.
Back in August, Trump said his administration was looking into reclassification and would make a determination in the “next few weeks”.
“I’ve heard great things have to do with medical, and I’ve heard bad things having to do with just about everything else,” Trump said at the time. “It’s a very complicated subject.”
In November last year, the Commonwealth Project announced that it was selected by the DEA to participate in the preliminary hearing on the rescheduling of marijuana in December 2024.
