U.S. Attorney General Jeff Sessions is seeking to turn the clock back by reversing Obama-era guidelines discouraging federal marijuana prosecutions in states that have legalized weed. But Sessions’ effort spill over onto CBD oil?
The longer answer is that it’s not even clear how Sessions’ directive issued last week will affect marijuana sales.
“The Justice Department’s new directive leaves the legal status of cannabis up to 93 US Attorneys,” Rep. Jared Polis, a Colorado Democrat who’s seeking to become the governor of his home state in 2018, said, according to Business Insider. “Whatever side of the bed they wake up on, that’s what happens with cannabis.”
One thing that is certain is Sessions’ action has set off criticism from both Republicans and Democrats in Congress.
“Sessions is entitled to his opinion on cannabis, but he’s not entitled to weaponize his regressive ideas about marijuana against seriously ill Americans, like me, who rely on cannabis as a medicine,” California Republican Dana Rohrabacher said.
Sen. Cory Gardner, a Colorado Republican, has threatened to hold up Department of Justice nominees over Sessions’ war on weed.
“With no prior notice to Congress, the Justice Department has trampled on the will of the voters in CO and other states,” Gardner tweeted.
Savvy investors in the field seem unfazed by the new direction.
“To me, this move by Sessions is actually a good thing,” Canopy Accelerator’s Micah Tapman said. “It keeps valuations down, gives me good deals, and eliminates relatively unfocused short-term investors.”
Tapman added that, while Sessions’ action isn’t ideal, it’s also not the end for the industry.
“The reality is, we’re not going to see cannabis legalized under Trump’s administration,” Tapman said. “But the key to surviving is to do your research, be agile, and be thoughtful with how you conduct your business.”