Posted on 01/04/2018 8:28:10 AM PST by AngelesCrestHighway
A strong rally in cannabis-related stocks this week to mark the start of sales of recreational marijuana in California came to a screeching halt Thursday, on a report that the Justice Department is about to throw a spanner in the works for the nascent weed industry.
U.S. Attorney General Jeff Sessions, a longtime marijuana opponent, is expected to rescind an Obama-era policy that gave protections to states that have legalized marijuana as long as they abide by a series of guidelines, the Associated Press reported, citing unnamed sources. An announcement that will scrap what is known as the Cole Memo is expected later Thursday, said the AP.
The news sent cannabis stocks sharply lower, with Nevada-based Cannabis Sativa Inc. CBDS, -28.95% sliding 22%. The company is involved in the research, development and licensing of marijuana products. Colorado-based cannabis farmer GrowGeneration Corp. GRWG, -24.71% slid 21%.
Many of the listed cannabis companies in North America are based in Canada, which is gearing up to fully legalize marijuana later this year. Those stocks were caught up in the downdraft, with Toronto-based medical marijuana distributor Supreme Cannabis Co. Inc. SPRWF, -15.90% down 9.8%, while Ontario-based rival Canopy Growth Corp. WEED, -15.71% slid 9.6%.
(Excerpt) Read more at marketwatch.com ...
‘Twould be funny if the CA Dems get too wasted to show up at the polls in Nov.
What a stupid waste of time. Remove marijuana from DEA schedules and let the States each do what they want.
Agree.
Sessions is so out of touch.
Boxer Mike Tyson will be very angry as he has a 40 acre pot farm.
Sounds like Jeff is on a mission...
For your interest.
Crime and corruption permiates the swamp, and this is what Sessions is doing.
I’m not in favor of legalization for recreational purposes. But I am for a seriously controlled medical cannabis legalization. The way it stands now, if I get a prescription for pot I lose my 2nd amendment rights. If I get a prescription for OxyContin or other strong opiates? No problem.
Memo to the federal government and the misinformation campaign it all started with Harry J Anslinger as a racist prpropaganda against black musicians in the 1920s
It’s over cannabis is a medicine should be completely legal and the war against it is over OVER
It’s not funny at all, as it will either cost republican votes in many more states than CA, plus fire up the stoned Dem base who would normally stay home, if we would leave their damned pot alone.
Now they become anti-Trump, are motivated to vote, and will STILL get their pot from illegal drugs across the border.
A lose, lose, lose.
Mr. Sessions, if this is your primary worry, please resume your nap!
So what does this mean, in layman’s terms? Pot is now illegal in California (like sanctuary cities are?).
We just sat there on that sack of seeds...
Zero respect for states’ rights, the Tenth Amendment, small government.
Session is such a huge disappointment.
Either states have rights as written in the Constitution or they do not according to Jeff Sessions.
I hope President Trump fires him soon.
Sessions is a disaster, from Moore, to Mueller, to this, an absolute unmitaged disaster.
So this action is what Jeff Sessions worked on this whole year!
I suspect this is just a move to ensure that the fed-gov gets in on the action. There is a lot of money at stake and the fed-gov wants their cut.
Exactly.
To be fair, this issue hits Democrat-led states, only.
Methinks Sessions has his priorities mixed up.
5.56mm
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