Pot Stocks Could Rise Following the AG’s Dismissal
President Donald Trump is no stranger to firing people. “You’re fired!” were two of the most important words to the man’s rise to fame and—eventual—power as the sitting president of the United States. He’s also not been gun shy about canning cabinet members, advisors, appointees, etc. If the president decides to fire Attorney General Jeff Sessions, however, expect to see a big boost in pot stocks.
While you generally don’t want to root for a guy to lose his job, in this case, marijuana investors stand to gain serious value should Sessions find himself pushed out.
Sessions is one of the few remaining hard-line marijuana opponents left in the country.
While a sizable chunk of the Republican Party is still very much in opposition to the drug, that number is getting smaller every day. Factoring in the fact that a libertarian faction within the GOP is very supportive of marijuana legalization and you have a changing of attitudes in the U.S. when considering marijuana.
Sessions, however, represents an old way of thinking. He has long held his views that marijuana is eminently dangerous and should be prohibited by the government.
As the head of the Department of Justice and with federal law still technically forbidding the use of marijuana anywhere in the U.S., you have a man that has the means and will to seriously harm the marijuana industry.
But Trump and Sessions have had a falling out over the course of the presidency, with Trump using words like “weak,” “disgraceful,” and “beleaguered” to describe either Sessions himself or his behavior, mainly due to the Russia scandal and investigation.
But the deterioration of their relationship has led many to believe that Sessions could be the next one on the chopping block. Should that happen, marijuana investors ought to see pot stocks jump significantly.
To add further fuel to the fire that Trump is ready to make a break from his AG is the president’s recent change of heart regarding marijuana.
“Since the campaign, President Trump has consistently supported states’ rights to decide for themselves how best to approach marijuana,” said Senator Cory Gardner (R-CO) in a statement. (Source: “Gardner Protects Colorado’s Legal Marijuana Industry,” Cory Gardner United States Senator for Colorado, April 13, 2018.)
“Late Wednesday, I received a commitment from the President that the Department of Justice’s rescission of the Cole memo will not impact Colorado’s legal marijuana industry. Furthermore, President Trump has assured me that he will support a federalism-based legislative solution to fix this states’ rights issue once and for all,” he added.
Trump’s support of states’ rights when it comes to marijuana could be the final straw.
With already so little holding the pair together, this massive break in policy positions could be what pushes Sessions out.
Very few industries are as heavily affected by political drama as the marijuana industry.
That’s been proven time and time again, with the latest Trump support of state marijuana laws being a huge boon to the industry.
With the president willing to defend marijuana laws on the books in states—at least for now—a Sessions resignation could be one of the next big movements in the pot industry.
Pot stock investors should keep their eyes on the news and be ready to pounce if Sessions is forced out as it will likely precede a large boost in pot stock value.