Thursday, 8 November 2018

AG Sessions firing a warning for speculative investors

US Attorney General Jeff Sessions is out of a job after President Donald Trump reportedly forced his resignation after mid-term elections ended in the U.S.

The firing of Sessions comes as no surprise, as Trump had made it clear that he was not happy with how Sessions had handled his response to the Russia investigation. #Trump accused him of protecting the investigation that is looking to see if the President himself obstructed justice.

The President was also upset with Sessions with not taking a tougher approach to illegal immigrants.

In an undated letter to the president released after,  Sessions wrote:

"At your request, I am submitting my resignation."

He added.

"Since the day I was honored to be sworn in as Attorney General of the United States, I came to work at the Department of Justice every day determined to do my duty and serve my country," 

Sessions went on.  

"I have done so to the best of my ability, working to support the fundamental legal processes that are the foundation of justice."

President Trump was quick to announce Sessions departure on Twitter and his temporary replacement.

Trump adds. 

This move came as no surprise, but the reaction in the markets was.

Pot stocks immediate rallied after it was announced that Session was resigning. In particular, Tilray was up a whopping 30 per cent while Canopy Growth and Aurora Cannabis rose 8.1 per cent and 9 per cent respectively. Cronos Group added 8.4 per cent.

But today those same stocks closed lower as the excitement of the news wore off. Tilray, in particular, closed down almost 15 per cent.

Sessions was seen as regressive on pot policy.  In his short time as AG, he rolled back Obama era rules that would protect those using pot in states where it was legal. He also once said, "Good people don't smoke marijuana."

The news of session leaving is a lesson to all those invested in sensitive to breaking sectors like cannabis and marijuana. Where despite recreational use being legal in Canada there are still many unknowns as to how it will be received around the world.

Interested investors are already asking the obvious question.

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