He may not realize it yet, but U.S. Attorney General Jeff Sessions’ opposition to weed could boost cannabis investor wealth.
One particular date stands out as a shining example of Sessions’ impact on cannabis stocks – January 4, 2018.
It was on this very day that Sessions delivered a one-page memo to all attorney generals in the states.
The memo detailed how he repealed all previous guidance regarding cannabis enforcement.
Memos and policies that had been circulated during the Obama administration were included in the memo, directing federal attorneys to defer to state and local authorities in regards to prosecuting people who had committed cannabis-related crimes.
Of course, Sessions’ memo sent shockwaves through the U.S. cannabis industry, which had a direct effect on cannabis stocks.
The most-affected cannabis stocks were primarily Canadian medical cannabis growers with operations outside of the U.S. Aurora Cannabis (NASDAQOTH: ACBFF), Aphria (NASDAQOTH: APHQF), and Canopy Growth (NASDAQOTH: TWMJF) tumbled more than 20 percent in the days that ensued, before regaining their former value and in some cases, surpassing it.