After Trump fires AG Jeff Sessions, marijuana stocks soar. Coincidence?
Almost before the sun had risen on the day following the Midterm Elections, U.S. Attorney General was abruptly fired by Donald Trump. For a man who once claimed that marijuana is “only less awful” than heroin, is it any wonder that marijuana stocks immediately began to soar on Wall Street immediately following his departure?
The two occurrences could be a mere coincidence, but even Colorado Governor-elect Jared Polis has publicly stated that he thought AG Sessions “had it out” for any state that chose to legalize marijuana for medical or recreational use. Nearly a dozen states have passed legalization legislation since 2012 alone.
Jeff Sessions was so anti-cannabis that he once claimed, “good people don’t smoke marijuana.” When he was U.S. Attorney General, the processing of grant applications for marijuana research nearly stopped completely.
Even the ultra-conservative GOP Senator Cory Gardner of Colorado blasted Jess Sessions for his puritanical views on weed. Almost immediately after his firing, Gardner said, “I look forward to continuing to work with the president to fulfill his campaign position to leave the regulation of marijuana to the states.”
Under Jeff Sessions, approvals for marijuana research stalled
In September 2018, there were about two-dozen applications for marijuana research by academic institutions and scientific research laboratories sitting in the inbox of the Drug Enforcement Administration (DEA). Although the approval or denial of these applications fell directly on the shoulders of the DEA’s Charles Philip "Chuck" Rosenberg, few if any were ever approved. Since Sessions was Rosenberg’s boss, perhaps the latter feared a firing of his own should he buck the imbecilic conventions of Jeff Sessions.
Another possible contributing factor to the surge in marijuana stock prices may be Canada’s recent move to legalize cannabis at the federal level. Canada is only the second nation in the world following Uruguay to take such a bold stance. Meanwhile, Yahoo Finance news is reporting that the medical cannabis market in Canada alone is expected to be worth a whopping $2.35 billion dollars within the next seven years.
The intersection of medical marijuana and Big Pharma is particularly noteworthy. According to Investorplace, GW Phamaceuticals is also having a bang-up year in the stock market with even higher expectations for 2019. GW Phamaceuticals is the company responsible for the potentially lifesaving CBD-infused medication Epidiolex, which is being marketed as a treatment for the rare form of child epilepsy named Dravet syndrome.
For vaping enthusiasts who are jealous of all the positive attention and praise that legalized weed seems to get compared to vaping, look no further than the Big Pharma connection. Big Pharma has Big Money, and Wall Street investors just love Big Money.
Related Article: FDA approves CBD-based Epidiolex to treat severe forms of epilepsy