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Cannabis Investors React To A Head-Spinning 24 hours In Washington

With sessions out, some believe federal movement on marijuana legalization is imminent

It’s been a head-spinning 24 hours in the news cycle, particularly for investors in the scorching-hot but often volatile cannabis sector.

In roughly the past day, Michigan became the first state in the Midwest to legalize recreational marijuana. Bright red Utah and Missouri voted to legalize medical marijuana. And two of marijuana’s staunchest opponents in Washington, Rep. Pete Sessions and Attorney General Jeff Sessions, were kicked to the curb.

The Canadian marijuana producer Tilray’s stock gained over 30%immediately after Sessions announced he was stepping down on Wednesday, a result that boosted the entire North American Marijuana Index by over 15%.

“The market’s ripping right now,” said Morgan Paxhia, a managing partner at the San Francisco-based Poseidon Asset Management.

 

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