Pot stocks: cannabis breaks winning streak
There was a major milestone for the industry as the descheduling of hemp in the US farm bill starts to bear fruit
Pot stocks have broken their three-week winning streak, a somewhat ironic shift in sentiment given that last week was full of positives on the US cannabis policy front. In separate addresses, the governors of New York and New Jersey each said they will make legalisation of recreational cannabis a priority for 2019, potentially opening up a new market with a combined population of close to 30-million. Perhaps more importantly for the future of the industry, US attorney-general nominee William Barr said he would respect state marijuana laws even though he personally disapproved of legalisation. He also urged Congress to make a country-wide decision on the drug’s legality. It’s a far cry from his predecessor Jeff Sessions, who once told a US Senate hearing that “good people don’t smoke marijuana” then rescinded an Obama-era policy that took a hands-off approach to the drug. At the time, there was genuine concern that the burgeoning US pot industry might be halted in its tracks. The rea...
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