Article by Patrick Cain, Global News
Four U.S. states have legalized recreational cannabis, and another four will follow after ballot victories last November.
Legal pot in permissive states depends on a tolerant attitude from Washington, though. And the same election that doubled the number of states where pot is (or will be) legal brought in an administration with a chilly attitude to recreational marijuana. Attorney-General Jefferson Sessions, for example, told Congresslast year that “we need grownups in charge in Washington to say marijuana is not the kind of thing that ought to be legalized.”
On Thursday, White House spokesperson Sean Spicer delivered another reminder that the party may be ending.
“I think that when you see something like the opioid addiction crisis blossoming in so many states around this country, the last thing that we should be doing is encouraging people,” Spicer told reporters. “There is still a federal law that we need to abide by … when it comes to recreational marijuana and other drugs of that nature.”
Immediately, Canadian cannabis stocks plunged, bottoming out on Friday morning. Investors sold marijuana producers Aurora, Aphira, OrganiGram and Canopy Growth, which lost between three per cent and nine per cent of their value.