Pot stocks riding high on Trump commitment to support states where legal

Pot stocks riding high on Trump commitment to support states where legal

Pot stocks riding high on Trump commitment to support states where legal

On the night of April 11, 2018, Trump and Gardner had a telephone conversation in which the president contradicted the Sessions memo, telling the senator from Colorado - where marijuana has been legalized for adult-use since 2014 - would not be subjected to a federal crackdown on cannabis.

(AP) - President Donald Trump has promised to support legislation protecting the marijuana industry in states that have legalized the drug, a move that could lift a threat to the industry made by the USA attorney general just three months ago.

The president's decision will reflect a separation from U.S. Attorney General Jeff Sessions, that in January rescinded an Obama-era coverage, called as "the Cole memo", that gave countries greater leeway within the national administration on bud coverage.

While more than half of the US states have approved marijuana for medical or recreational use, it is still illegal under federal law. Visit MarketWatch.com for more information on this news.

"President Trump has assured me that he will support a federalism-based legislative solution to fix this states' rights issue once and for all", Gardner said in a statement Friday.

In retaliation, Gardner used his vitality as a senator to forestall consideration of any nominees for the Division of Justice - a uncommon step for a senator to utilize in opposition to an administration run by one different member of his event. Especially infuriating, from Gardner's perspective, was that Sessions had pledged during his confirmation process for attorney general that he would leave states that had legalized marijuana alone, according to the senator.

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On Friday, White House legislative affairs director Marc Short said, Trump "does respect Colorado's right to decide for themselves how to best approach this issue". During the 2016 campaign, Colorado reporter Brandon Rittman asked Trump whether he would enforce the federal ban on cannabis in states that had legalized, to which Trump responded, "I wouldn't do that, no..."

Democratic US Representative Earl Blumenauer of OR, another state with permissive marijuana laws, expressed skepticism, saying, "Trump changes his mind constantly".

A bill has not been finalized, but Gardner has been talking quietly with other senators about a legislative fix that would, in effect, make clear that the federal government can not interfere with states that have voted to legalize marijuana.

Recently, Gardner and Justice officials have been in discussions for months to get the holds lifted. Trump's backing is seen as key to getting a bill by Congress.

President Trump was reportedly so enraged by an Federal Bureau of Investigation raid of his personal attorney's office and hotel that he is now on the brink of firing Rod Rosenstein, the deputy attorney general he appointed, as well as Attorney General Jeff Sessions.

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