ibusinesslines.com September 24, 2018

Stone Challenges Sessions on Legalized Pot

12 January 2018, 10:18 | Erica Roy

Stone Challenges Sessions on Legalized Pot

Pot stocks take a hit as Trump gets tough on legal cannabis industry

Cannabis Cultural Association, a New York-based nonprofit, also hammered Sessions' attempt to rein in medical marijuana, calling the move "a step backward for sensible, positive cannabis reform".

Attorney General Jeff Sessions kicked off the New Year by reversing the Obama-era guidance for federal prosecutors to limit their enforcement of federal marijuana laws in states that have legalized marijuana for medical or recreational use. "This kind of stunt will not have a substantial effect on the industry". The downturn in the stocks hit the largest cannabis growers and other marijuana-related stocks that essentially have wiped out any gains earned after California became the latest state to legalize recreational marijuana.

He conceded that the action would have a "near-term chilling effect" on the industry's lobbying effort to compel banks and insurance companies to accept its business. Also, officials from states with legal medical or recreational marijuana should refuse to cooperate with those tasked with enforcing federal marijuana laws. This is perhaps because some have found medical marijuana a viable alternative to opioids.

If marijuana is grown from scratch in a state where it's legal and targeted for sale and use only in that state - I'm not seeing how the Feds can claim jurisdiction.

Only Idaho, South Dakota, Nebraska and Kansas do not allow any access to marijuana, said Karmen Hanson, a cannabis policy analyst with the National Conference of State Legislatures.

She marveled at the difference between buying a legal bag of weed from the times in her 20s when she was buying marijuana on the streets, a situation she said exposed her to contaminated products and unsafe situations.

"This new policy - whatever it ends up being - makes the risks and uncertainties much greater", he said.

We know that legalization and regulation will better keep drugs out of the hands of our children and strengthen the fiber of our public health system. "These reported actions are an insult to Nevada voters, an affront to states' rights, and a threat to our local economy".

"It's certainly a concern", Johnson said. "We're in this for the long haul".

Conservative hypocrisy is especially strong when it comes to medical marijuana.

"By continuing to pour billions of dollars down the drain with our archaic marijuana policies, we stifle our economy, society, and criminal justice system and leave the people of Hawai'i and millions more devastated - all for a substance that is far less unsafe and harmful than alcohol".

"I do not believe there's any argument, because a state legalized marijuana, that the federal law against marijuana is no in existence", he told radio host Hugh Hewitt in October.

The state's Attorney General Cynthia Coffman says, "It takes away the direction that we had from previous administration that gave people some guidance and allowed them to do business legally in the state of Colorado". "I think it's tangible, I think it's substantial, and I think people are having fun with it. People are still warming up to it. Of course, we haven't seen what it is yet, so we'll wait and see". And Canadian share prices actually closed at record highs.

At a time when an opioid epidemic of mammoth proportions continues to rage across parts of the US, to see the federal government return to its misguided and publicly unsupported campaign against cannabis is not only disheartening, but risky.

That amendment has been put into federal spending bills, preventing the federal government from using its resources to stop states from implementing medical marijuana programs, said Kate Bell, legislative counsel for the Marijuana Policy Project.

Republican U.S. Sen. Cory Gardner from Colorado said he's placing a hold on Justice Department nominees in response to Sessions' decision and will try to push legislation to protect marijuana sales in states where they are legal.

At one point, most marijuana users acknowledged that smoking pot was unhealthy. They are taking a new and smarter approach to legalize and regulate marijuana.

Cannabinniers, a San Diego maker of marijuana-infused food and drink also expects slower investor interest in the short term. Kiernan says Sessions and the rest of the administration are picking the wrong fight with the wrong people.

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