Dayton said Sessions "may be against marijuana policy reform, but he is not stupid. He knows that these cannabis laws are hugely popular, not just among Americans in red and blue states, but with his boss who campaigned in favor of these laws."
?While his responses, on their face, were hardly a coup for the cannabis industry, Sessions didn't morally condemn pot smokers either.
"The United States Congress has made the possession of marijuana in every state, and distribution of it, an illegal act," he testified. "If that ... is not desired any longer, Congress should pass a law to change the rule."
The Drug Policy Alliance, an organization opposed to the war on drugs, called the testimony "wishy-washy at best." The group's senior director of national affairs, Bill Piper, added: "It is clear that he was too afraid to say the ‘reefer madness’ things he said just a year ago, and that’s progress. But he made it clear throughout the hearing that he will enforce federal law."
While a good many politicians have made statements condemning cannabis use “evolution” of their views on the topic are increasingly required as an ever increasing number of states legalise recreational or at least medical use. That has created a bull market in supply of the herb, not least because it grows like a weed. Wholesale prices have contracted considerably as operations initiated following Colorado’s legalisation reach commercial scale. That has resulted in mixed performance for the related shares.
In the Pharmaceuticals sector Zynerba Pharmaceuticals has held a progression of higher reaction lows since early last year. It surged higher today on speculation shorts are being squeezed. A sustained move below the trend mean would be required to question potential for additional upside.
Cannabis Sativa has rallied over the last five consecutive weeks to test the region of the October high and a clear downward dynamic would be required to check potential for additional upside.
Meanwhile Aero Grow International has fallen back to test the region of the trend mean and needs to hold the $3 if potential for recovery is to be given the benefit of the doubt.