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Cannabis stocks tank on report DoJ to rescind state protections
MarketWatch ^ | 01/04/18 | Ciara Linnane

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 ...


TOPICS: Miscellaneous
KEYWORDS: cannabisstocks; dopefiends; illness; marijuana; marijuanastocks; mental; potstocks
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Oopsie California! Don't fire up your bong just yet!
1 posted on 01/04/2018 8:28:10 AM PST by AngelesCrestHighway
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To: AngelesCrestHighway

‘Twould be funny if the CA Dems get too wasted to show up at the polls in Nov.


2 posted on 01/04/2018 8:30:37 AM PST by txrefugee
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To: AngelesCrestHighway

What a stupid waste of time. Remove marijuana from DEA schedules and let the States each do what they want.


3 posted on 01/04/2018 8:32:21 AM PST by dinodino
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To: dinodino

Agree.

Sessions is so out of touch.


4 posted on 01/04/2018 8:34:12 AM PST by boycott
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To: AngelesCrestHighway

Boxer Mike Tyson will be very angry as he has a 40 acre pot farm.


5 posted on 01/04/2018 8:34:27 AM PST by minnesota_bound
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To: boycott

Sounds like Jeff is on a mission...


6 posted on 01/04/2018 8:35:12 AM PST by AngelesCrestHighway
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To: TheStickman; dainbramaged; beaversmom; Mama Shawna; dljordan; Drew68; T-Bone Texan; dware; ...

For your interest.


7 posted on 01/04/2018 8:36:14 AM PST by KC_Lion (If you want on First Lady Melania's, Ivanka Trump's or Sarah Palin's Ping Lists, just let me know.)
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To: AngelesCrestHighway

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.


8 posted on 01/04/2018 8:36:56 AM PST by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just dkill you.)
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To: AngelesCrestHighway

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


9 posted on 01/04/2018 8:37:14 AM PST by Truthoverpower (The guvmint you get is the Trump winning express !)
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To: txrefugee

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!


10 posted on 01/04/2018 8:37:43 AM PST by Bshaw (A nefarious deceit is upon us all!)
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To: AngelesCrestHighway

So what does this mean, in layman’s terms? Pot is now illegal in California (like sanctuary cities are?).


11 posted on 01/04/2018 8:38:59 AM PST by ThePatriotsFlag (We are getting even more than we voted for!)
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To: AngelesCrestHighway

We just sat there on that sack of seeds...


12 posted on 01/04/2018 8:39:51 AM PST by shotgun
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To: AngelesCrestHighway

Zero respect for states’ rights, the Tenth Amendment, small government.


13 posted on 01/04/2018 8:42:17 AM PST by gdani (I disowned the GOP before disowning them was cool....)
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To: AngelesCrestHighway

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.


14 posted on 01/04/2018 8:45:26 AM PST by TheStickman (#MAGA all day every day!)
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To: boycott

Sessions is a disaster, from Moore, to Mueller, to this, an absolute unmitaged disaster.


15 posted on 01/04/2018 8:45:44 AM PST by PUGACHEV
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To: AngelesCrestHighway

So this action is what Jeff Sessions worked on this whole year!


16 posted on 01/04/2018 8:46:57 AM PST by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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To: AngelesCrestHighway
Oopsie California! Don't fire up your bong just yet!

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.

17 posted on 01/04/2018 8:46:59 AM PST by usurper ( version)
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To: Bshaw

Exactly.


18 posted on 01/04/2018 8:48:42 AM PST by Manuel OKelley
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To: AngelesCrestHighway

To be fair, this issue hits Democrat-led states, only.


19 posted on 01/04/2018 8:49:41 AM PST by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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To: AngelesCrestHighway

Methinks Sessions has his priorities mixed up.

5.56mm


20 posted on 01/04/2018 8:50:47 AM PST by M Kehoe
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