White House Attorney General Jeff Sessions Resigns Sending Pot Stocks Higher

Marijuana stocks have already been on a tear in the last few days but with Attorney General Jeff Session suddenly resigning by the request of President Trump, they went even higher in Wednesday’s session. Jeff Sessions has been a vocal opponent of marijuana legislation.

Shares of Tilray especially were exploding, seeing gains of about 30% on the news and on the election results from Tuesday night that added more states onto the list that will now allow marijuana in some form legally.
“You’re happy if you’re long the cannabis stocks. He was the biggest roadblock to broadening that out to a national conversation,” said Art Hogan, B. Riley FBR chief market strategist.

The fact that the Democrats also won back the house may have contributed to the rally as there may be more a chance of marijuana laws changing on a federal level now.

“Since the day I was honored to be sworn in as Attorney General of the United States, I came to work at the Department of Justice every day determined to do my duty and serve my country,” Sessions said in his resignation letter.

Acting Attorney General Mark Whitaker was named to head the Justice Department. President Trump tweeted, “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….”

“If we are going to have a national discussion about Senators meeting with ambassadors it is appropriate for all Senators to disclose who they met with so the public, and apparently the media, understand that all Senator Sessions did was his job,” Whitaker said in the statement.