Is there a haze on marijuana stocks with a new Attorney General close at hand. With Donald Trump announcing Jeff Sessions as the new Attorney General, all of you who are marijuana fans may have to worry because he was heard saying in the Senate that “Good people don’t smoke marijuana”, and he is also known as an anti-marijuana lawmaker.
So does this mean the 29 states that have decided to legalize the use of marijuana for medical use and 8 states for recreational use need to worry. Who knows?
If it was left up to Jeff Sessions more than likely the states would have to fight the Federal Government, but because the growth of ho people feel about marijuana and the economy, Trump may let the states keep the marijuana but with some restrictions. Whatever, this is a new many options are on the table for the Federal Government and this is more than it has ever been.
Many changes need to be made especially since banking is not allowed and crime is rising in the Marijuana stores, with those knowing lots of money is usually on the site as well as the drug itself. Many changes also need to be made and a few high-profile raids by the DEA would likely dissuade many of those who are today publicly selling cannabis.
In all the recreational states – Colorado, Alaska, Oregon, Washington, California, Massachusetts, Maine and Nevada – buyers must pay taxes on their marijuana purchases. California alone is expected to have a marijuana marketplace worth $7.6 billion by 2020, according to industry analysts New Frontier Data and ArcView Market Research.
Today, marijuana dealers feel largely protected by the Cole Memo, a Justice Department letter establishing under what circumstances federal law enforcement would step in. Generally speaking, the Cole Memo says the federal government will ignore marijuana businesses working in states with strong regulatory systems that take steps to keep pot out of the hands of kids and prevent drug cartels from profiting. But that 2013 memo also specifically says prosecutors retain the discretion to target the marijuana industry if there’s a “strong federal interest.”
Congress has also prohibited the Justice Department from using federal money to interfere with medical marijuana patients in states where it’s been approved.
President Obama told Rolling Stone that he believes marijuana should be treated as a public health issue, similar to alcohol or tobacco, and called the growing patchwork of state laws “untenable” from a federal perspective, because there’s such a disparity across state borders. Some marijuana advocates remain bitterly disappointed Obama didn’t do more to push the DEA to classify cannabis as something other than a Schedule 1 controlled substance.
On the whole, everyone feels there will be some changes but if Trump will stick to his main campaign slogan of improving and changing America, they think that marijuana will eventually be legalized. So keep it in mind when it comes to the stocks and you can decide .