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Sessions speech hints rally for cannabis stocks (read)

This is great article so no matter what marijuana stock you are in share this with other traders!

If Sessions is easing off going after medical marijuana AND cCongress approves amendment in couple weeks then cannabois stocks could explode back upward

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Upcoming Congressional Vote Could Send Cannabis Stocks Rallying

(NEW YORK)--An upcoming vote in Congress could light a fire under the lagging cannabis sector that could continue well through the rest of this summer.

In May 2017, Attorney General Jeff Sessions wrote a letter to Senate Majority Leader Mitch McConnell, Speaker of the House Paul Ryan, Senate Minority Leader Charles Schumer, and House Minority Leader Nancy Pelosi asking that Congress not approve the Rohrabacher-Blumenauer amendment, which prohibits the Department of Justice from spending federal funds to prosecute states acting in accordance with their own medical cannabis laws.

Bullish Sign this Week

This past Wednesday the Attorney General delivered a speech at the Nevada U.S. Attorney's Office in Las Vegas about crime, drugs, and immigration, but failed to mention the state's newly launched recreational program.

This lack of rhetoric in his speech has some marijuana-industry experts saying this may indicate a crackdown on the sector is not imminent.

Pending Vote in Congress

The amendment, introduced by Representatives Dana Rohrabacher (R-Calf.) and Earl Blumenauer (D-Ore.), was originally passed in the House in 2014 and 2015, and has remained on the current budget through the continuing resolution, but is set to expire this September.

This legal uncertainty took a lot of air out of the red hot marijuana sector, but things may be about to catch fire again with the upcoming vote expected shortly.

In the coming weeks, before the August recess, Congress is expected to vote on the Rohrabacher-Blumenauer amendment for the Fiscal Year 2018 appropriations bill. If the Rohrabacher-Blumenauer amendment is passed within the bill traders could see a sharp rally within a select few marijuana and cannabis plays.

Demand Continues to Grow

In Las Vegas, Reno, and Laughlin, people continued to queue up in droves at the new adult-use marijuana retail stores that have proved more popular than expected. State residents and tourists are buying so much legal marijuana that Nevada Governor Brian Sandoval declared a state emergency, rolling out a new policy to avoid shortages by expanding the number of marijuana distributors.

Based on how fully entrenched the cannabis industry is now many politicians are taking opposing views from the Attorney General that marijuana is as bad as heroin, and the likelihood of this amendment passing looks very promising.

http://www.wallstreetnewscast.com/cannabis/