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In a shocking turn of events, President Donald Trump is now a supporter of legal cannabis.
Fox News reports that Trump now promises to “support states’ rights” on legalized marijuana.
On Friday, a Republican U.S. senator from Colorado said the president confirmed his commitment on legal cannabis.
Senator Cory Gardner commented, “Since the campaign, President Trump has consistently supported states’ rights to decide for themselves how best to approach marijuana. Late Wednesday, I received a commitment from the President that the Department of Justice’s rescission of the Cole memo will not impact Colorado’s legal marijuana industry.”
The senator said the president plans to support a new law to address this nationwide issue of legal cannabis.
“Furthermore, President Trump has assured me that he will support a federalism-based legislative solution to fix this states’ rights issue once and for all.”
The news was in direct contrast to recent moves by Jeff Sessions to enforce federal narcotics laws. And according to the Los Angeles Times, Sessions was not informed of in advance of Trump’s policy change.
In January, Sessions had rescinded what’s known as the “Cole memo.” That memo from Obama-era U.S. Deputy Attorney General James M. Cole instructed federal prosecutors to respect state’s laws related to recreational and medical cannabis.
The news broke on Friday at around 1:20 p.m. Eastern Time. This one-day chart of the Horizons Marijuana ETF (TSE: HMMJ) shows that market’s response.
That’s a 6.5% gain on Friday!
Meanwhile, shares of Canopy Growth (TSE: WEED) jumped 7.8% and Aphria (TSE: APH) surged 14.9%.
The risk of U.S. federal government intervention has weighed on the legal cannabis industry. It’s one of the key reasons that the Horizons Marijuana ETF is down 35% from the highs in early January.
If Congress can move forward legislation on states and legal cannabis, it would be a huge win for the industry. And it would essentially remove the one of the major risks to the entire sector.
Cannabis stocks may have just experienced their lowest point of 2018. Look for higher prices from here.
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