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.
We are pleased to announce that Matthew G. Whitaker, Chief of Staff to Attorney General Jeff Sessions at the Department of Justice, will become our new Acting Attorney General of the United States. He will serve our Country well….
— Donald J. Trump (@realDonaldTrump) November 7, 2018
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.
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.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).
Canopy Growth to Participate in BofA Securities Virtual Consumer & Retail Technology Conference on March 11, 2021
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (“Canopy Growth” or “the Corporation”) announced today that EVP & CFO Mike Lee will be participating in a fireside chat at the BofA Securities Virtual Consumer & Retail Technology Conference on Thursday, March 11, 2021 at 9:30am ET .
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”). The Company announces that further to its press release dated March 2, 2021, it has obtained TSX Venture Exchange approval to extend the closing date of its previously announced private placement of units (“Units”) until April 7, 2021. Each Unit is comprised of one (1) common share and one (1) warrant, exercisable for one common share at price of $0.11 per share, for a period of three (3) years from the date of Closing. The Company applied to extend the date of closing to allow a greater number of interested investors to participate.
For more information regarding the Company or the offering, please contact email@example.com, or