Sessions Is Gone… Outright Marijuana Legalization to Come?
Sessions Is Gone… Outright Marijuana Legalization to Come? by Justin Spittler – Casey Research
Jeff Sessions is gone.
And marijuana investors couldn’t be happier. More on that in a second. But first, let me bring you up to speed.
Last Wednesday, President Trump asked Sessions to resign from his position as attorney general. He named Matthew Whitaker as acting attorney general while he looks for a more permanent replacement.
Now, no one knows who the next attorney general will be. But whoever Trump picks can’t possibly be worse for the marijuana industry than Sessions was.
• Sessions is notorious drug warrior…
He once called marijuana “slightly less awful” than heroin. He also believes “good people don’t smoke marijuana.”
To be fair, Sessions didn’t go after the marijuana industry while in office. But he did rescind the Cole Memorandum, opening the door for a federal crackdown on the industry.
Because of this, Sessions created a lot of uncertainty around the marijuana industry. He kept many investors, including big institutions, from investing in the space.
So it shouldn’t come as a surprise that marijuana stocks rallied on the news of his resignation.
• Tilray jumped 30% last Wednesday…
Aurora Cannabis closed the day up 9%. Canopy Growth and Cronos Group both jumped 8%.
These are big moves. But marijuana stocks are likely headed much higher.
I say this because Sessions’ departure could pave the way for outright marijuana legalization. That’s something you’ll want to be ready for… and I’ll show you how to do that.
But let me tell you why marijuana could be legalized sooner than most people think.
• Support for legal marijuana has gone mainstream…
According to a nationwide poll by Gallup last month, 66% of Americans now support marijuana legalization. That’s an all-time high.
Not only that, a clear majority of Republicans now support legalization. That’s important because red states have historically opposed marijuana legalization.
This tells us that there’s been a major shift in public opinion.
Of course, the public doesn’t always get what it wants. But in this case, politicians are listening to the people.