Following the Wednesday (November 7) resignation of Attorney General Jeff Sessions — the biggest voice against marijuana inside the Trump administration — pot stocks shot up.

Sessions, a vehement advocate against the cannabis industry, was sacked following increasing tension between himself and President Donald Trump.


In his place, Matthew Whitaker, chief of staff to the attorney general, will become the acting attorney general as indicated by a tweet from Trump.

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Rush for stocks

Tilray (NASDAQ:TLRY) took in the biggest push thanks to Sessions’ removal. The cannabis licensed producer in Canada, which has no effective assets in the US at this moment, increased 19.53 percent and finished Wednesday’s trading session with a price per share of US$139.60.

On Thursday’s (November 8), trading session TLRY went back down 10.10 percent as of 11:55 a.m. EST.

Cannabis exchange-traded funds (ETF’s) such as the Horizons Marijuana Life Science Index ETF (TSX:HMMJ) and the Evolve Marijuana ETF (TSX:SEED) both made gains on Wednesday of 5.46 percent and 1 percent.

Early on Thursday, the two indexes balanced back with 3.56 and 2.48 percent loses for HMMJ and SEED. Respectively the two ETFs were valued at a price of C$21.41 and C$23.64.

Fellow Canadian producers on US exchanges Canopy Growth (NYSE:CGC,TSX:WEED), Aphria (NYSE:APHA,TSX:APHA), Aurora Cannabis (NYSE:ACB,TSX:ACB) and Cronos Group (NASDAQ:CRON,TSX:CRON) all took in gains on Wednesday.

Sessions fights cannabis industry

In January, a memorandum from Sessions removing an Obama-era protection for the cannabis market, sent pot stock to the red.

The industry-wide loss was seen no matter if companies had or didn’t have assets in the US market.

The move from Sessions, at the time, was feared for opening the possibility of a crackdown on the US cannabis industry.

Since then the US cannabis market has continued to thrive despite comments from Sessions such as “good people don’t smoke marijuana.”

Investor takeaway

With Sessions’ dismissal, the cannabis industry loses one of its biggest enemies in the US.

For cannabis investors, the move could signal the potential for a sweeping marijuana policy to arrive sooner rather than later for the US and fully open a gigantic market.

The momentum for these stocks shows an interest for a market and companies that at the time don’t have assets in the US cannabis market.

Pot stocks also saw gains thanks in part to the win of three states for legalized marijuana policy.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Aurora Cannabis Inc. (NYSE: ACB) between February 13, 2020 and September 4, 2020, inclusive (the “Class Period”), of the important December 1, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Aurora investors under the federal securities laws.

To join the Aurora class action, go to http://www.rosenlegal.com/cases-register-1965.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

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Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Aurora Cannabis Inc. (NYSE: ACB) from February 13, 2020 through September 4, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Aurora Cannabis Inc. investors under the federal securities laws.

To join the class action, go here or call Vik Pawar, Esq. toll-free at 888-589-9804 or email info@pawarlawgroup.com for information on the class action.

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Also this week, new data showed sales of Canadian cannabis edible products may be stalling.

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Also this week it was shown the sales of Canadian cannabis edible products may be stalling, according to new data.

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The Portnoy Law Firm advises investors that class action lawsuits have been filed on behalf of investors in the following publicly traded companies. Shareholders interested in taking an active role in these cases have until the deadlines indicated below to petition the court. There is no cost or obligation to you. See below for more information on these cases.

Credit Acceptance Corporation investors (NASDAQ: CACC); December 1, 2020 deadline, click here to join .

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