Marijuana Stocks Rally After Sessions Firing
The firing of U.S. Attorney General Jeff Sessions may portend a coming constitutional crisis, but it’s going over well with marijuana investors.
Cannabis stocks rallied Nov. 7 upon news of his ouster, with Canada-based Tilray 30% up at closing. Canopy Growth, Aurora Cannabis, and Cronos Group saw gains of 8.1%, 9%, and 8.4% respectively.
Sessions has long been among marijuana’s greatest foes, so the excitement is no surprise. If the former Alabama Senator had his way, marijuana sales or use of all kinds would be illegal and prosecuted to the fullest extent of the law.
Sessions’ chief of staff Matthew George Whitaker is now serving as Acting Attorney General. His appointment is already being criticized in legal and political circles, however, and is likely to face a constitutional challenge.
What will this major change mean for cannabis? Only time will tell, but the marijuana stakeholders seem hopeful.