The name Jeff Sessions should be quite familiar to anyone in the cannabis industry. If it isn’t, Sessions has been the primary opponent against the legalizing of cannabis in the U.S., and as Attorney General, has vetoed many bills that would have been instrumental in creating a larger marijuana ecosystem in the U.S.
Congress recently took a large initiative in protecting the rights of the individual states by helping to thwart the DOJ from getting involved in states decision to allow medicinal marijuana. This is a large move from such a large government agency, and could potentially help to shape and reshape the current industry on cannabis in the U.S. It is clear that there is a stark need for reform in the current government due to the people’s desire to have legal marijuana. This move by the government could potentially also have a large effect on the cannabis stock market as well but only time will tell.
On May 17th, the U.S. House of Representatives decided to renew a bill that allows protections for state allowed medical marijuana programs. This bill will go into place after the current spending bill is expired in September. This could help to change the existing market on cannabis as the government’s support of the drug would represent the first big change in the policy on marijuana for quite some time. According to one report “language has been included in the federal budget that prevents the DOJ from using any funds to target patients or providers who are in compliance with state laws regarding medical marijuana. This language was most recently approved in March, with the $1.3 trillion spending bill. However, that legislation only funded the government through September.” With new and appropriate spending in the way of the people, the marijuana industry could see a large amount of improvement and support from the national government.
Usually, Sessions is able to block these new bills from happening, but a little known trick helped to slip this new language into the funding bill for the coming year. The bill was then approved by the appropriations committee, where nothing could further be done by the opposing parties.
Sessions has stated that he would like to continue the failing war on drugs that has simply resulted in more drug use and a nationwide opioid epidemic. This war on drugs has been completely ineffective, and possibly could be more effective if marijuana was not the main focus. The maneuver by the government could also represent a change in the stock market for cannabis.
There was a slight yawn at the new legislation in the stock market due to the fact that it is not a large change to the cannabis ecosystem. The market is looking to react to bills that will present the future of the cannabis market, but this is simply a stepping stone for future legislation. Legislation like this in no way happens overnight, but this is a step in the right direction of course.
The market on cannabis is still very much in its infant stages due to the lacking legislation from the national level of government. If the government is able to continue putting through legislation that supports the world of cannabis, the market will continue to improve and could reach its full potential possibly in the near future. The hopes are that a combination of fair legislation and increasing support from the people will help to create a larger market for the future of the cannabis world. Only time will tell how these small changes will add up to the bigger area on cannabis.