Chart: Marijuana stocks stumble, then rebound after Sessions announcement

Pot stocks take a hit as Trump gets tough on legal cannabis industry

Since California became the first state to legalize marijuana for medicinal purposes in 1996, we now have 29 states and the District of Columbia that have legalized medical use of cannabis and eight that allow recreational use.

But for long-term pot purveyors accustomed to changing regulatory winds, the decision was just another bump in a long and winding road to proving their business legitimacy.

On January 4, U.S. Attorney General Jeff Sessions sent a memorandum to all U.S. Attorneys rescinding the Obama-era policy known as the Cole Memorandum.

Attorney General Sessions' decision could potentially be damaging to dozens of Nevada communities, such as Mesquite, that benefit from the revenue marijuana generates.

Not really, says Robert Mikos, a professor at Vanderbilt University Law School who studies federal, state and local marijuana laws and enforcement policies.

The rebound suggests investors believe the status quo will largely be maintained for USA marijuana businesses. "This kind of stunt will not have a substantial effect on the industry".

He conceded that the action would have a "near-term chilling effect" on the industry's lobbying effort to compel banks and insurance companies to accept its business.

Bennet also raised the issue of banking services for marijuana businesses.

Twenty-nine states - plus Washington, D.C., and the USA territories of Guam and Puerto Rico - allow for comprehensive public medical marijuana programs. Oliver thinks at its core, marijuana legalization is a civil-rights issue, with campaigns led by civil-rights groups like the ACLU.

Shabnam Malek, a 44-year-old lawyer and mother of three, waited in line for a half hour for Apothecarium to open its doors in San Francisco.

Medical marijuana in Pennsylvania is approved for use of PTSD.

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"The bigger concern is managing the either lack of knowledge or misconception or impression that now it's a free-for-all", she said. We should not expect raids or the sudden closure of our favorite dispensaries in the near future - but the door has now been reopened. "We're in this for the long haul".

Additionally, the protection for medical marijuana disappears if the amendment is not renewed.

"By continuing to pour billions of dollars down the drain with our archaic marijuana policies, we stifle our economy, society, and criminal justice system and leave the people of Hawai'i and millions more devastated - all for a substance that is far less risky and harmful than alcohol".

State lawmakers have been concerned about Sessions' approach to marijuana from the moment he was appointed by President Donald Trump.

California Attorney General Xavier Becerra, a Democrat, said that state regulatory agencies will have a say in whether offshore drilling is allowed. And Canadian share prices actually closed at record highs. The stock closed up Friday at $2.28 a share. "And I am astonished to hear people suggest that we can solve our heroin crisis by legalizing marijuana - so people can trade one life-wrecking dependency for another that's only slightly less bad", Sessions told law enforcement officials in a speech previous year.

Whether federal prosecutors have the resources for, or even the interest in, undermining the national movement toward more permissive cannabis regulation remains to be seen.

Attorney General Sessions and the Trump administration's moves against legal marijuana have enraged both Republican and Democratic party leaders.

For now, the impact can vary according to the jurisdiction of each USA attorney.

"[It] is also a return of trust and local control to federal prosecutors, who know where and how to deploy Justice Department resources most effectively to reduce violent crime, stem the tide of the drug crisis, and dismantle criminal gangs", the press release said.

Federal law classifies marijuana, heroin and LSD among the most unsafe drugs, with no now accepted medical use and a high potential for abuse.

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