Ron Strider
Well-Known Member
Shares of Canadian cannabis companies were in free fall on the stock markets Thursday, after news that the Trump administration may allow crackdowns on marijuana in states where it has been legalized.
According to a report from the Associated Press, U.S. Attorney-General Jeff Sessions is rescinding an Obama-era policy that instructed prosecutors not to pursue federal marijuana charges in states where the herb has been legalized.
From now on, AP reports, it will be up to individual prosecutors to determine whether to pursue charges in states where weed is legal.
Canadian marijuana companies, many of which are eyeing expansion to legal U.S. markets, saw steep stock price drops in the wake of the news.
Canopy Growth, which bills itself as the world's largest legal marijuana producer and trades on the Toronto Stock Exchange under the symbol WEED, saw its stock price fall some 16 per cent as of 11 a.m. ET Thursday.
Shares in MedReleaf Corp. fell by more than 20 per cent, while THC Biomed fell nearly 25 per cent as of 11 a.m. ET.
The Trump administration's decision could sow confusion about the legal status of marijuana in states where voters have called for it to be legal.
Following ballot initiatives in last year's elections, a fifth of U.S. citizens, living in eight states and the District of Columbia, have voted to legalize marijuana for recreational purposes.
Sessions' decision comes days after recreational marijuana became legal in California, the largest jurisdiction yet to legalize the herb.
California expects to see US$1 billion in annual tax revenue from cannabis in the coming years.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Trump Administration Sends Canadian Cannabis Stocks Plunging
Author: Daniel Tencer
Contact: About Us
Photo Credit: Shawn Thewpool
Website: Canadian News Stories, Breaking News, Opinion
According to a report from the Associated Press, U.S. Attorney-General Jeff Sessions is rescinding an Obama-era policy that instructed prosecutors not to pursue federal marijuana charges in states where the herb has been legalized.
From now on, AP reports, it will be up to individual prosecutors to determine whether to pursue charges in states where weed is legal.
Canadian marijuana companies, many of which are eyeing expansion to legal U.S. markets, saw steep stock price drops in the wake of the news.
Canopy Growth, which bills itself as the world's largest legal marijuana producer and trades on the Toronto Stock Exchange under the symbol WEED, saw its stock price fall some 16 per cent as of 11 a.m. ET Thursday.
Shares in MedReleaf Corp. fell by more than 20 per cent, while THC Biomed fell nearly 25 per cent as of 11 a.m. ET.
The Trump administration's decision could sow confusion about the legal status of marijuana in states where voters have called for it to be legal.
Following ballot initiatives in last year's elections, a fifth of U.S. citizens, living in eight states and the District of Columbia, have voted to legalize marijuana for recreational purposes.
Sessions' decision comes days after recreational marijuana became legal in California, the largest jurisdiction yet to legalize the herb.
California expects to see US$1 billion in annual tax revenue from cannabis in the coming years.

News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Trump Administration Sends Canadian Cannabis Stocks Plunging
Author: Daniel Tencer
Contact: About Us
Photo Credit: Shawn Thewpool
Website: Canadian News Stories, Breaking News, Opinion