Shares of major marijuana companies rallied after Attorney General Jeff Sessions resigned Wednesday after months of public criticism from his boss, President Donald Trump. Canada-based Tilray closed up 30 percent while Canopy Growth and Aurora Cannabis rose 8.1 percent and 9 percent respectively. Cronos Group added 8.4 percent.
“You’re happy if you’re long the cannabis stocks. He was the biggest roadblock to broadening that out to a national conversation,” said Art Hogan, B. Riley FBR chief market strategist.
Sessions, a longtime opponent of attempts to legalize marijuana, lifted an Obama-era policy (known as the Cole Memo) earlier this year that kept federal authorities from cracking down on the pot trade in states where the drug is legal.