RE:The salient point for Tinley investors in today's madnessWell said! Also noteworthy, state level AG's in the US are elected officials so in states where Cannabis is legal and has been voted legal by citizens, a state level AG going after weed would go against the will of those who elected him or her, therefore commiting political suicide when reelection comes!
TheDirtyNorth wrote: First and foremost, Jeff Sessions is a c**t of epic proportions but thankfully dinosaurs like him are a dying breed in Washington power circles.
With that said, lost within the pandemonium is an extremely important aspect of Sessions pulling the Cole Memo. Sessions stated that all enforcement of federal law would be left to the discretion of state level AG's. California's current AG Becerra is on record in May 2017 (right after the ballot initiative passed) saying this:
"I would love to see Jeff Sessions come to California and tell us we're not going to move forward on Cannabis. I'll probably me the one millionth person in line to fight Jeff Sessions on that"
Did Sessions get to rattle the markets today and feel like a big man, absolutely? Is this going to scare some investors out of the cannabis market for a while and provide fuel to the short sellers for a bit, yeah probably. Long term though this changes nothing.
It's legal in Cali, and the same challenges that existed yesterday (access to banking, operational tax write offs, etc) still exist today. With California's AG firmly in the pro legalisation camp, and Sessions stating that all enforcement will be coming from state level AG's, this stunt is shown for exactly what it is. A toothless attempt to scare institutional money. It appears to have worked for a couple of hours, but will be forgotten within a few weeks at most.
Long and strong kids, long and strong.