Shares of major marijuana companies rallied after Attorney General Jeff Sessions resigned Wednesday after months of public criticism from his boss, President Donald Trump.
Canada-based Tilray is up 30 percent with just less than one hour left of trading on Wall Street. Canopy Growth and Aurora Cannabis are up 5.6 percent and 6.5 percent respectively.
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"You're happy if you're long the cannabis stocks. He was the biggest roadblock to broadening that out to a national conversation," said Art Hogan, B. Riley FBR chief market strategist.
Sessions, a longtime critic of attempts to legalize marijuana, lifted an Obama-era policy earlier this year that kept federal authorities from cracking down on the pot trade in states where the drug is legal. The former attorney general opted to leave the decision on what to do when state rules conflict with federal drug laws in the hands of prosecutors.
Meanwhile, Michiganders chose to authorize the legalization of possession, use and cultivation of marijuana products by those who are at least 21 years old on Tuesday. Individuals will now be permitted to possess and use marijuana and marijuana-infused edibles and grow up to 12 marijuana plants for personal consumption. The approved law will impose a 10-ounce limit for marijuana kept at residences and mandate that amounts over 2.5 ounces be secured in locked containers.
Ten states and the District of Columbia have now approved recreational use of pot.
This is breaking news. Please check back for updates.
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