After a recent video posted by US president Donald Trump on his Truth Social account, shares in marijuana companies saw a boost.
The postThe Commonwealth Project’s video, which was dated on September 28, and did not include any comments from the President at all, appeared to support the use by senior citizens of hemp-derived CBD (CBD), claiming that this could revolutionize the healthcare for older people.
The video states that “older adults suffer needlessly.” Hemp-derived CBD could help older adults live healthier, longer lives and have a better quality of life.
This video calls for the Medicare inclusion of CBD, to give “millions of seniors the help they deserve”.
It is important to note that the word “you” means “you”. Commonwealth Project The organization’s efforts are motivated by its philanthropic, compassionate and caring desire to help millions of senior citizens who face increasingly complex health problems as they grow older.
Many cannabis companies, including those with little or no involvement in hemp-derived CBD, saw their stock prices rise after the video posted by the President.
Hemp CBD has been legalized at the federal level by the United States as of 2018. The 2018 Farm Bill made hemp a crop just like any other. However, plants with more than 0.3% delta-9-THC dried weight are still considered marijuana, and illegal to the government.
According to The Centers for Disease Control and Prevention (CDC):
The federal Controlled Substances Act was removed from hemp, making CBD legal if it’s derived from hemp. Some states, however, haven’t removed hemp from the state-controlled substance acts. This means that legality for CBD products varies 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.
HHS advised that cannabis is being used for medical purposes in the United States and the potential abuse of marijuana was less than drugs in schedules I or II.
Trump was not unaware of the Biden’s move and its strong backing.
In August of last year, Trump stated that his administration would be looking at reclassification. A decision will be made in “the next few weeks”.
Trump stated at that time, “I have heard good things about medical care and bad things about just everything else.” “It is a complex subject.”
Commonwealth Project, a non-profit organization founded in 2001 by a group of cannabis activists and researchers in Massachusetts, announced in November 2018 that the DEA had selected it to be able to attend the hearings on the re-classification of marijuana scheduled for December 2024.