Donald Trump is not happy with Jeff Sessions. And he’s making it known.
“Good job Jeff,” the president tweeted sarcastically last Monday, referring to the attorney general’s indictments of two Republican congressmen just ahead of election season.
It’s a controversial tweet for a lot of reasons.
But no matter which side of the political spectrum you fall on, the big takeaway is that Trump isn’t pulling any punches anymore when it comes to Sessions. And, politics aside, that could be a very good thing for pot investors.
Sessions, after all, is notoriously anti-cannabis.
His office rescinded three Obama-era memos that guided against interfering with state laws in jurisdictions where cannabis is legal. The move sparked a sell-off in pot stocks back in January.
Trump, a populist, can score a one-two punch by ordering Sessions to make a public show of curtailing federal cannabis law enforcement while also acknowledging that recent polls show that the majority of Americans now support some form of pot legalization.
Back in June, Trump said that he will likely support ending the federal ban on weed.
As we’ve seen in recent years in jurisdictions where cannabis has become legal at a state level, cannabis has brought jobs and tax revenues, not the blight that Sessions and the anti-cannabis crowd have predicted.
The very public turn to the spat between Sessions and his boss could escalate things. Cannabis is one of the few areas where Trump can jab his finger into Sessions’ side.
And with bipartisan federal cannabis legislation coming down the pike in 2018, it’s likely he’ll get his chance sooner rather than later.
Here’s a quick recap of what we have to potentially look forward to ahead of November’s midterm elections.
Missouri has legislation up for a vote with one of the three measures on their ballot treating legalization as a constitutional amendment for medical marijuana. The other two are statutory changes. It’s possible all three could pass. I don’t know for sure what happens, but it’s looking very good for a positive vote in Missouri in November.
Michigan could potentially go fully legal this November. They have medical right now. And they’re going with a ballot initiative that’s going to make it legal for people over 21 to use cannabis recreationally. They’re also going to enact a tax on it to monetize legalization. In other states this has been very successful. Colorado is a prime example. Michigan is a big state too, 9.9 million people roughly. It’s going to be a sizable recreational market once things get done in November.
North Dakota is doing something different — and very smart, in my opinion: voting on legalization along with automatic expungement. Expungement means those with a criminal record for nonviolent, simple possession of marijuana could have their records cleared.
The expungement aspect is quite interesting. If someone with a few grams in their glove box got pulled over and arrested, and there’s nothing else on their record, they would certainly reap the benefits of this law change.
These tailwinds and others are why I’m so bullish on pot right now. Add in Canada’s revenue from legalization and it’s a perfect storm for pot profits.
We’re going to have a new Congress after the beginning of the year, and all signs look positive for the long term.
More importantly, fast movers acting now will rake in the cash off this new wave of legalization.
For Technology Profits Daily,
Chief Technology Expert, Technology Profits Daily