Sessions Get Great Cornholio
Sessions Get Great Cornholio – Attorney General Jeff Sessions was pushed out Wednesday as the country’s chief law enforcement officer.
Cannabis stocks, already bolstered by wins in the midterm elections, got an added boost when anti-pot Attorney General Jeff Sessions announced his resignation Wednesday afternoon.
Exchange-traded funds that track marijuana stocks, including the Horizons Marijuana Life Sciences Index ETF in Toronto and the U.S.-listed ETFMG Alternative Harvest ETF, jumped to fresh highs on the news, gaining 7 percent and 6.2 percent respectively.
Tilray Inc. saw the biggest surge, climbing as much as 25 percent in its biggest gain since Sept. 19, when the stock almost doubled before giving back most of the gains in a wild ride for investors. Other cannabis-related stocks in both the U.S. and Canada also gained.
Sessions was a major foe of marijuana legalization, moving last January to rescind an Obama-era policy that allowed states to make their own decisions on cannabis without interference from the federal government. That announcement sent pot shares plunging three days after California became the largest jurisdiction to legalize recreational use.
Cannabis stocks were broadly higher Wednesday after Michigan voted to legalize recreational marijuana and Missouri approved medical pot. The Democrats’ House of Representatives win was also thought to be a positive catalyst for stocks, making legal reform more likely.
Sessions told the president in a one-page letter that he was submitting his resignation “at your request.”
Trump announced in a tweet that he was naming Sessions’ chief of staff Matthew Whitaker, a former United States attorney from Iowa, as acting attorney general.
The resignation was the culmination of a toxic relationship that frayed just weeks into the attorney general’s tumultuous tenure when he stepped aside from the investigation into potential coordination between the president’s Republican campaign and Russia.
Trump blamed the decision for opening the door to the appointment of special counsel Robert Mueller, who took over the Russia investigation and began examining whether Trump’s hectoring of Sessions was part of a broader effort to obstruct justice and stymie the probe.
The implications for Mueller’s investigation were not immediately clear. The Justice Department did not announce a departure for Deputy Attorney General Rod Rosenstein, who appointed Mueller more than a year and a half ago and has closely overseen his work since then.