CNBC's Brandon Gomez joins 'Squawk on the Street' to discuss what's behind the jump in cannabis stocks.

Washington

Cannabis stocks experienced notable increases after President Trump shared a video on Truth Social highlighting the potential health benefits of hemp-derived cannabidiol (CBD). The video suggested CBD could revolutionize senior healthcare by offering an alternative to expensive prescription drugs, leading to double-digit gains for companies like Tilray, Canopy Growth, and Aurora.

This development follows previous actions, including the legalization of hemp-derived products in the 2018 Farm Bill and recent hints from Trump about reclassifying cannabis to a less restrictive federal category. Legal experts note that new standards from the Department of Health and Human Services may further ease restrictions, though the process remains lengthy. Despite volatility in the sector, investor interest has surged in response to these policy signals.

Cannabis stocks buzzing on social media post from Trump

Pot stocks are lighting up this morning after what some are calling an endorsement from the president. Our Brandon Gomez is watching that story. Morning, Brandon. Hey Carl, good morning. Yeah, in a post last night on Truth Social, President Trump shared a video highlighting the health benefits of hemp-derived cannabid oil, or CBD. Now, Tilray, Canopy Growth, Aurora, all jumping double digits. The video said it could, quote, revolutionize senior health care, serving as a alternative to costly prescription drugs. Of course, another area of the president's focus. Now, this isn't Trump's first move in cannabis, though. Back in the 2018 Farm Bill, hemp-derived products like CBD were legalized. And then you had, just last month, he hinted his administration would move to reclassify cannabis from a Schedule 1 drug, which places it alongside drugs like heroin and LSD, to a less dangerous Schedule 3, alongside steroids and Tylenol with codeine. Now, that would ease criminal penalties, lift tax burdens on companies, and notably, open the pathway to more medical research. Now, one legal expert I spoke with highlighting new HHS standards for, quote, accepted medical use, which acknowledges widespread physician use, and, quote, some credible scientific support. That's rather than demanding full FDA-level clinical trial evidence. Of course, that's a step toward welcoming big pharma to the table, but still a lengthy process. Nonetheless, the cannabis sector has been volatile. Some stocks halved in value this year, with others gaining over 30%. Right now, though, Carl, investors are clearly buzzing. I mean, he said in August he might reclassify it at the federal level, so I guess this is another step in this direction. Is there any real movement to do that? Yeah, I mean, so this didn't have to come down from the administration. Obviously, the previous administration, too, did a lot of the work in terms of reclassification, putting forward the DEA's recommendation, then opening it for public comment, and now that process sort of sits with the current administration to enact that. And of course, the president has some leverage here to sort of expedite that process. Yeah, we've been through movement at the state level and, of course, trying to help them get better banked. Talk about the rescheduling. Let's see if this new chapter moves the stocks for good, Brandon. Thank you, Brandon Gomez.

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