Legalized Marijuana has ‘Watershed Moment’

Legalized Marijuana has ‘Watershed Moment’

Legalized Marijuana has ‘Watershed Moment’

Wednesday, US President Donald Trump promised Senator Cory Gardner (R-CO) he will support efforts to protect states that have legalized marijuana, ending a standoff on Department of Justice nominations.

“Since the campaign, President Trump has consistently supported states’ rights to decide for themselves how best to approach marijuana,” Senator Gardner said in a statement. “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.”

“Because of these commitments, I have informed the Administration that I will be lifting my remaining holds on Department of Justice nominees,” Senator Gardner added.

Friday, the Trump White House confirmed Senator Gardner’s statement was accurate.

In January, Attorney General Jeff Sessions revoked the Cole Memo,Hussein Obama-era guidance designed to discourage prosecutors from targeting states that have legalized marijuana. The move provoked an outcry from marijuana friendly states, including Colorado, in which the marijuana industry has flourished since Y 2000.

Angry that USAG Sessions had reneged on his pledge to leave marijuana states alone, Senator Gardner promised to block all DOJ nominations, pending a resolution.

Since then, he has held up about 20 Justice Department nominations.

“Clearly, we’ve expressed our frustration with the delay with a lot of our nominees and feel that too often, senators hijack a nominee for a policy solution,” White House legislative affairs director Marc Short told the press Friday. “So we’re reluctant to reward that sort of behavior. But at the same time, we’re anxious to get our team at the Department of Justice.”

President Trump “does respect Colorado’s right to decide for themselves how to best approach this issue,” Mr. Short added.

Senator Gardner and other senators have been discussing legislation that would prevent federal government intervention in states that have legalized marijuana. Nothing has been finalized, according to his statement.

“My colleagues and I are continuing to work diligently on a bipartisan legislative solution that can pass Congress and head to the President’s desk to deliver on his campaign position,” Senator Gardner said in a statement.

This move comes days after former Republican House Speaker John Boehner announced he would join the advisory board of a medical marijuana holding company.

Cannabis advocates are calling this announcement a watershed moment for the marijuana industry.

Shayne and I now expect the clouds will clear over the stocks in the marijuana space and the Sun will shine.

Have a terrific weekend.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

Latest posts by HEFFX Australia (see all)