Marijuana stock boost after Trump backs state regulation

by Garry Watts April 16, 2018, 1:43
Marijuana stock boost after Trump backs state regulation

Since January, Gardner had been blocking Trump's Justice Department nominees.

States with legalized pot can take a deep breath. The move provoked an outcry from marijuana friendly states, including Colorado, in which the marijuana industry has flourished since Y 2000.

President Trump was reportedly so enraged by an Federal Bureau of Investigation raid of his personal attorney's office and hotel that he is now on the brink of firing Rod Rosenstein, the deputy attorney general he appointed, as well as Attorney General Jeff Sessions.

Bob Ferguson, the Democratic attorney general of Washington state, which permits marijuana use, said Gardner's announcement made him "cautiously optimistic" but until there is a formal agreement or law on the issue he stands ready to defend "Washington's well-regulated marijuana industry".

In January, the Justice Department rescinded the Cole memo, an Obama-era legal guidance that discouraged enforcement of federal marijuana restrictions on states where cannabis had been legalized. "We're consulting Congress about issues including states' rights of which the president is a firm believer and the statement that the senator put out earlier today is accurate", she said.

"Since the campaign, President Trump has consistently supported states' rights to decide for themselves how best to approach marijuana", said Gardner.

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Andrew Lelling, the U.S. Attorney in MA, however, said in a January statement that he could not "provide assurances that certain categories of participants in the state-level marijuana trade will be immune from federal prosecution".

Department leaders have "shown in good faith their willingness to provide what I think will be hopefully the protections we sought, and as sort of a good faith gesture on my behalf I'll be releasing a limited number of nominees", Gardner told The Associated Press on Friday.

Following Wednesday night's phone call with the President, the Senator is now backing down from his blockade.

Since then, he has held up about 20 Justice Department nominations. The Washington Post reported in August that Sessions' DOJ was effectively hamstringing the agency's research efforts by making it harder to grow marijuana.

Democratic US Representative Earl Blumenauer of OR, another state with permissive marijuana laws, expressed skepticism, saying, "Trump changes his mind constantly".


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