Cannabis stocks tank on report DoJ to rescind state protections
By Ciara Linnane
Published: Jan 4, 2018 11:09 a.m. ET
15
AG Jeff Sessions expected to announce decision later Thursday that will impact states that have legalized marijuana
A strong rally in cannabis-related stocks this week that marked the start of sales of recreational marijuana in California came to a screeching halt Thursday on a report that the U.S. Dept. of Justice is about to throw a spanner in the works for the nascent weed industry.
U.S. Attorney General Jeff Sessions, a longtime marijuana opponent, is expected to rescind an Obama-era policy that gave protections to states that have legalized marijuana as long as they abide by a series of guidelines, the Associated Press reported, citing unnamed sources. An announcement that will scrap what is known as the Cole Memo is expected later Thursday, said the AP.
The news sent cannabis stocks sharply lower, with Nevada-based Cannabis Sativa Inc. CBDS, -24.54% sliding 22%. The company is involved in the research, development and licensing of marijuana products. Colorado-based cannabis farmer GrowGeneration Corp. GRWG, -22.85% slid 21%.
Many of the listed cannabis companies in North America are based in Canada, which is gearing up to fully legalize marijuana later this year. Those stocks were caught up in the downdraft, with Toronto-based medical marijuana distributor Supreme Cannabis Co. Inc. SPRWF, -12.85% down 9.8%, while Ontario-based rival Canopy Growth Corp. WEED, -15.60% slid 9.6%.
Read now: Corona beer parent’s move into the marijuana business is a smart one
Related: Marijuana sales rose 30% in 2016 and are expected to triple in four years
Horizons Marijuana Life Sciences Index HMMJ, -12.77% which started trading on the Toronto stock exchange last month and tracks more than 20 marijuana-related companies in North America, was down 7.7%.
Shares of ETFMG Alternative Harvest ETF MJX, -9.28% fell 8%. The fund switched from tracking companies involved in Latin American real estate in December to one following an index of cannabis companies in the U.S. Those include Cronos Group Inc. MJN, -12.72% down 11%, Insys Therapeutics Inc. INSY, -17.71% , down 15% CanniMed Therapeutics Inc. CMED, -8.34% , down 7% and Turning Point Brands Inc. TPB, -2.64% down 2%.
What every cannabis investor should be paranoid about
Arcview Market Research said earlier this week that the legal marijuana industry is expected to generate nearly $40 billion in economic impact by 2021. That would be roughly a 150% increase in economic output from the $16 billion cannabis generated in 2017.
Don’t miss: What an Attorney-General Sessions would mean for marijuana
The S&P 500 SPX, +0.48% was up 0.5% Thursday and the Dow Jones Industrial Average DJIA, +0.63% was up 0.6%.
QUOTE
REFERENCES
CBDS
-2.39 -24.54%
GRWG
-0.97 -22.85%
SPRWF
-0.34 -12.85%
WEED
-5.60 -15.60%
SHOW ALL REFERENCES
Cannabis stocks tank on report DoJ to rescind state protections
By Ciara Linnane
Published: Jan 4, 2018 11:09 a.m. ET
15
AG Jeff Sessions expected to announce decision later Thursday that will impact states that have legalized marijuana
A strong rally in cannabis-related stocks this week that marked the start of sales of recreational marijuana in California came to a screeching halt Thursday on a report that the U.S. Dept. of Justice is about to throw a spanner in the works for the nascent weed industry.
U.S. Attorney General Jeff Sessions, a longtime marijuana opponent, is expected to rescind an Obama-era policy that gave protections to states that have legalized marijuana as long as they abide by a series of guidelines, the Associated Press reported, citing unnamed sources. An announcement that will scrap what is known as the Cole Memo is expected later Thursday, said the AP.
The news sent cannabis stocks sharply lower, with Nevada-based Cannabis Sativa Inc. CBDS, -24.54% sliding 22%. The company is involved in the research, development and licensing of marijuana products. Colorado-based cannabis farmer GrowGeneration Corp. GRWG, -22.85% slid 21%.
Many of the listed cannabis companies in North America are based in Canada, which is gearing up to fully legalize marijuana later this year. Those stocks were caught up in the downdraft, with Toronto-based medical marijuana distributor Supreme Cannabis Co. Inc. SPRWF, -12.85% down 9.8%, while Ontario-based rival Canopy Growth Corp. WEED, -15.60% slid 9.6%.
Read now: Corona beer parent’s move into the marijuana business is a smart one
Related: Marijuana sales rose 30% in 2016 and are expected to triple in four years
Horizons Marijuana Life Sciences Index HMMJ, -12.77% which started trading on the Toronto stock exchange last month and tracks more than 20 marijuana-related companies in North America, was down 7.7%.
Shares of ETFMG Alternative Harvest ETF MJX, -9.28% fell 8%. The fund switched from tracking companies involved in Latin American real estate in December to one following an index of cannabis companies in the U.S. Those include Cronos Group Inc. MJN, -12.72% down 11%, Insys Therapeutics Inc. INSY, -17.71% , down 15% CanniMed Therapeutics Inc. CMED, -8.34% , down 7% and Turning Point Brands Inc. TPB, -2.64% down 2%.
What every cannabis investor should be paranoid about
Arcview Market Research said earlier this week that the legal marijuana industry is expected to generate nearly $40 billion in economic impact by 2021. That would be roughly a 150% increase in economic output from the $16 billion cannabis generated in 2017.
Don’t miss: What an Attorney-General Sessions would mean for marijuana
The S&P 500 SPX, +0.48% was up 0.5% Thursday and the Dow Jones Industrial Average DJIA, +0.63% was up 0.6%.
QUOTE
REFERENCES
CBDS
-2.39 -24.54%
GRWG
-0.97 -22.85%
SPRWF
-0.34 -12.85%
WEED
-5.60 -15.60%
SHOW ALL REFERENCES
Cannabis stocks tank on report DoJ to rescind state protections
By Ciara Linnane
Published: Jan 4, 2018 11:09 a.m. ET
15
AG Jeff Sessions expected to announce decision later Thursday that will impact states that have legalized marijuana
A strong rally in cannabis-related stocks this week that marked the start of sales of recreational marijuana in California came to a screeching halt Thursday on a report that the U.S. Dept. of Justice is about to throw a spanner in the works for the nascent weed industry.
U.S. Attorney General Jeff Sessions, a longtime marijuana opponent, is expected to rescind an Obama-era policy that gave protections to states that have legalized marijuana as long as they abide by a series of guidelines, the Associated Press reported, citing unnamed sources. An announcement that will scrap what is known as the Cole Memo is expected later Thursday, said the AP.
The news sent cannabis stocks sharply lower, with Nevada-based Cannabis Sativa Inc. CBDS, -24.54% sliding 22%. The company is involved in the research, development and licensing of marijuana products. Colorado-based cannabis farmer GrowGeneration Corp. GRWG, -22.85% slid 21%.
Many of the listed cannabis companies in North America are based in Canada, which is gearing up to fully legalize marijuana later this year. Those stocks were caught up in the downdraft, with Toronto-based medical marijuana distributor Supreme Cannabis Co. Inc. SPRWF, -12.85% down 9.8%, while Ontario-based rival Canopy Growth Corp. WEED, -15.60% slid 9.6%.
Read now: Corona beer parent’s move into the marijuana business is a smart one
Related: Marijuana sales rose 30% in 2016 and are expected to triple in four years
Horizons Marijuana Life Sciences Index HMMJ, -12.77% which started trading on the Toronto stock exchange last month and tracks more than 20 marijuana-related companies in North America, was down 7.7%.
Shares of ETFMG Alternative Harvest ETF MJX, -9.28% fell 8%. The fund switched from tracking companies involved in Latin American real estate in December to one following an index of cannabis companies in the U.S. Those include Cronos Group Inc. MJN, -12.72% down 11%, Insys Therapeutics Inc. INSY, -17.71% , down 15% CanniMed Therapeutics Inc. CMED, -8.34% , down 7% and Turning Point Brands Inc. TPB, -2.64% down 2%.
What every cannabis investor should be paranoid about
Arcview Market Research said earlier this week that the legal marijuana industry is expected to generate nearly $40 billion in economic impact by 2021. That would be roughly a 150% increase in economic output from the $16 billion cannabis generated in 2017.
Don’t miss: What an Attorney-General Sessions would mean for marijuana
The S&P 500 SPX, +0.48% was up 0.5% Thursday and the Dow Jones Industrial Average DJIA, +0.63% was up 0.6%.
QUOTE
REFERENCES
CBDS
-2.39 -24.54%
GRWG
-0.97 -22.85%
SPRWF
-0.34 -12.85%
WEED
-5.60 -15.60%
SHOW ALL REFERENCES
Cannabis stocks tank on report DoJ to rescind state protections
By Ciara Linnane
Published: Jan 4, 2018 11:09 a.m. ET
15
AG Jeff Sessions expected to announce decision later Thursday that will impact states that have legalized marijuana
A strong rally in cannabis-related stocks this week that marked the start of sales of recreational marijuana in California came to a screeching halt Thursday on a report that the U.S. Dept. of Justice is about to throw a spanner in the works for the nascent weed industry.
U.S. Attorney General Jeff Sessions, a longtime marijuana opponent, is expected to rescind an Obama-era policy that gave protections to states that have legalized marijuana as long as they abide by a series of guidelines, the Associated Press reported, citing unnamed sources. An announcement that will scrap what is known as the Cole Memo is expected later Thursday, said the AP.
The news sent cannabis stocks sharply lower, with Nevada-based Cannabis Sativa Inc. CBDS, -24.54% sliding 22%. The company is involved in the research, development and licensing of marijuana products. Colorado-based cannabis farmer GrowGeneration Corp. GRWG, -22.85% slid 21%.
Many of the listed cannabis companies in North America are based in Canada, which is gearing up to fully legalize marijuana later this year. Those stocks were caught up in the downdraft, with Toronto-based medical marijuana distributor Supreme Cannabis Co. Inc. SPRWF, -12.85% down 9.8%, while Ontario-based rival Canopy Growth Corp. WEED, -15.60% slid 9.6%.
Read now: Corona beer parent’s move into the marijuana business is a smart one
Related: Marijuana sales rose 30% in 2016 and are expected to triple in four years
Horizons Marijuana Life Sciences Index HMMJ, -12.77% which started trading on the Toronto stock exchange last month and tracks more than 20 marijuana-related companies in North America, was down 7.7%.
Shares of ETFMG Alternative Harvest ETF MJX, -9.28% fell 8%. The fund switched from tracking companies involved in Latin American real estate in December to one following an index of cannabis companies in the U.S. Those include Cronos Group Inc. MJN, -12.72% down 11%, Insys Therapeutics Inc. INSY, -17.71% , down 15% CanniMed Therapeutics Inc. CMED, -8.34% , down 7% and Turning Point Brands Inc. TPB, -2.64% down 2%.
What every cannabis investor should be paranoid about
Arcview Market Research said earlier this week that the legal marijuana industry is expected to generate nearly $40 billion in economic impact by 2021. That would be roughly a 150% increase in economic output from the $16 billion cannabis generated in 2017.
Don’t miss: What an Attorney-General Sessions would mean for marijuana
The S&P 500 SPX, +0.48% was up 0.5% Thursday and the Dow Jones Industrial Average DJIA, +0.63% was up 0.6%.
QUOTE
REFERENCES
CBDS
-2.39 -24.54%
GRWG
-0.97 -22.85%
SPRWF
-0.34 -12.85%
WEED
-5.60 -15.60%
SHOW ALL REFERENCES
论坛通告:
个人空间:
论坛转跳:
赞 
花篮 
投诉
踩 
分享
