The governor of Colorado accused Attorney General Jeff Sessions this past weekend of plotting to create doubt in the legal cannabis industry and said he wouldn’t be surprised if the top law enforcer would crackdown on a few legal-state based facilities.

As part of an interview on The Hill’s Power Politics podcast, Colorado Gov. John Hickenlooper (D) said on Saturday (February 24) Sessions “does not think in any way that it’s a good thing for this country to have legal marijuana.”

“After talking with the attorney general, Hickenlooper said he believes the Justice Department wants to “sow doubt” through tough federal action as a way to deter the marijuana trend nationwide,” The Hill wrote.

Sessions has not backed away from his personal stance against a drug gaining popularity with state officials, voters and Republicans, even saying “good people don’t smoke marijuana.”

“I wouldn’t be surprised if he closes down one or two of these facilities just to make that statement,” Hickenlooper said. The governor said he hopes Congress will get involved in the situation.

“Hopefully, in the not-too-distant future, Congress will step in and say, ‘OK, we’re going to allow states to pursue these experiments, and we’re going to let them have banking so it’s not all done in cash,” Hickenlooper said.

Tension between different branches of US government for cannabis policyoptimized-screen-shot-2017-12-20-at-1-48-15-pm-min

In January, Sessions rescinded a memorandum providing cannabis enterprises, in legal states, with validations under a federal level. He then introduced his own guidance allowing all federal prosecutors to target cannabis companies previously protected.

The move from the Attorney General caused a major share price decrease in the cannabis public markets and forced the Canadian Securities Exchange to ask companies with operations in the US, to provide an update on their risk disclosures to shareholders.

So far there hasn’t been a targeted suppression of the legal cannabis industry. However, as an effect of the new Sessions memo, US Attorney for Massachusetts Andrew E. Lelling told the Boston Globe he could not rule out the possibility of federal prosecution for legal cannabis businesses.

Sessions was named as a defendant for a New York lawsuit seeking to change the federal government’s stance on cannabis.

Last year it was revealed the Attorney General even sent a letter to leaders in Congress asking for the removal of the Rohrabacher-Farr amendment. This change would allow the Justice Department to crackdown on the cannabis companies in legal states, as the drug remains illegal at a federal level.

The Department must be in a position to use all laws available to combat the transnational drug organizations and dangerous drug traffickers who threaten American lives,” Sessions wrote in the letter, uncovered by Massroots.

Investor Takeaway

As part of an Investing News Network (INN) investor guide into cannabis companies publicly listed on the CSE, Alan Brochstein, cannabis analyst with 420 Investor said companies were very dependant on the maintenance of the Rohrabacher-Farr amendment.

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.

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 its participation in the following investor conferences:

  • Needham 2nd Annual Virtual Cannabis Conference – March 3 rd , 2021 – Management will participate in virtual one-on-one meetings.
  • 33rd Annual Roth Conference – March 15 th -17 th , 2021 – Charlie Bachtell, CEO and Co-Founder, will participate in a Fireside Chat and management will later participate in virtual one-on-one meetings on April 7 th .
  • Stifel Multi-Sector Conference – April 21 st , 2021 – Management will participate in virtual one-on-one meetings.

About Cresco Labs

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Building on the foundation of Green Thumb’s LEAP initiative, which provided pro-bono support for social equity license applicants in Illinois and which will soon offer business incubator resources to newly awarded social equity entrepreneurs, these impactful partnerships mark a critical next step in prioritizing diversity, equity, and inclusion in the cannabis industry.

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All five flavours of the Company’s KOIOS™ nootropic beverage product are now being carried by Jensen’s, a regional supermarket chain operating in the San Diego, Los Angeles, and Palm Springs areas of Southern California. This placement of KOIOS™ follows several other recent placements of the Company’s beverage products in regional supermarket chains across the United States as part of a strategy to passively build market share in specific geographical areas.

Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that the full range of five flavours of its KOIOS ™ nootropic beverages can now be purchased at all grocery stores operated by Jensen’s Foods (“Jensen’s”), a long-established family-owned grocery chain operating in the San Diego, Los Angeles, and Palm Springs areas of Southern California. In a press release dated February 19, 2021 the Company announced another chain-wide placement of KOIOS ™ nootropic beverages on the west coast of the United States with Market of Choice in Oregon. With this placement of KOIOS ™ in Jensen’s supermarkets, the Company’s beverage products are now carried in approximately 180 retail stores on the west coast, out of a total of more than 4,000 retail stores nationwide.

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 Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) announces that Philip Young, CEO and Director, and Maghsoud Dariani, Chief Science Officer will be presenting on Thursday, February 25th, 2021 at 5:45 pm EST at “The Gold Standard in Psychedelic Investment, Psychedelic Capital Virtual Investment Conference”, a platform showcasing the top companies, latest IPOs, newest opportunities, and deepest industry insights.

As a presenting sponsor, the Company will connect directly with some of the earliest moving investors in the psychedelic industry and reach an audience of 2,000+ investors. Presentations are 30 minutes in length, with 10 minutes allocated to a one-on-one Q&A session with the audience.

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As Canadian operators race to strengthen their positions in the cannabis landscape, are international pursuits outside North America still top of mind?

The role that mergers and acquisitions (M&A) have played in the expansion of Canadian companies across the globe has been monumental for the growth of the cannabis industry. Now the space has reached a critical point as the demands of the US market increase.

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