(Reuters) -Shares of pot companies advanced in early premarket trading on Monday following a social media post by U.S. President Donald Trump over the weekend that suggested potential health benefits from the use of cannabidiol.
Trump’s post on Sunday said cannabidiol (CBD) could “revolutionize senior healthcare” by helping reduce disease progression and was shown as an alternative to prescription drugs.
In early August, Trump had said his administration was looking to reclassify the drug, which could also result in potentially easing criminal penalties around the use of marijuana.
U.S.-listed shares of Canopy Growth and Tilray Brands jumped about 20% each premarket, while Cronos Group and Aurora Cannabis also added 13.3% each.
The AdvisorShares Pure U.S. Cannabis exchange-traded fund