When Jeff Sessions announced Thursday morning he had removed the barrier that had held back federal prosecutors from pursuing marijuana cases in states that had made pot legal, he delivered on something he had all but promised when he was nominated as attorney general. Most of the marijuana world saw it coming, but they freaked out anyway.
A fund of marijuana-based stocks dropped more than 9 percent in value and, as a sign of how mainstream marijuana has become, Sessions’ decision to repeal the Cole memo, an Obama-era protection for states that have legalized marijuana, even affected the stock price of Scotts Miracle-Gro Company, which dropped more than 5 percent. Business leaders in an industry that was worth $7.9 billion in 2017, called Sessions’ action revoking “outrageous” and “economically stupid.”
Capitol Hill screamed just as loudly. And it wasn’t just the Democratic members of the Congressional Cannabis Caucus. It was Republican senators, too. Cory Gardner of Colorado took the Senate floor to issue an ultimatum to Sessions: “I will be putting a hold on every single nomination from the Department of Justice until Attorney General Jeff Sessions lives up to the commitment he made to me in my pre-confirmation meeting with him. [Read more at Politico]