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Marijuana stocks tumble after Sessions rolls back weed policy

Cannabis stocks plunged on Thursday when Attorney General Jeff Sessions rescinded an Obama-era policy that helped states legalize marijuana with little to no law enforcement interference by the federal government, according to multiple reports. Stocks started slumping soon after the Associated Press first reported the rollback.

Expand chart
Data: Money.net; Chart: Andrew Witherspoon / Axios

Why it matters: It's unclear how Sessions' decision would impact marijuana sales, which is legal on the state level in eight states and Washington, D.C., for recreational use and in 29 states, including the District, for medical purposes. The Justice Department's move now means that U.S. attorneys decide how to enforce federal laws banning marijuana use.

The backdrop: Sessions' decision comes the same week California legalized retail sales, making it the largest legal pot market in the country. Cannabis industry companies have gained nearly $2 billion in value since the state started selling recreational marijuana legally on Monday, according to Fortune.

Go deeper: Sessions cracks down on marijuana legalization

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Axios
Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines — "Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode again — Fed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.
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Axios
3 hours ago - Politics & Policy

NRA declares bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for Chapter 11 bankruptcy and will seek to reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment."

The big picture: The move comes just months after New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.

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Hans Nichols, author of Sneak Peek
3 hours ago - Politics & Policy

Biden: "We will manage the hell out of" vaccine distribution

Joe Biden. Photo: Chip Somodevilla / Getty Images

President-elect Joe Biden promised to invoke the Defense Production Act to increase vaccine manufacturing, as he outlined a five-point plan to administer 100 million COVID-19 vaccinations in the first months of his presidency.

Why it matters: With the Center for Disease Control and Prevention warning of a more contagious variant of the coronavirus, Biden is trying to establish how he’ll approach the pandemic differently than President Trump.

Go deeper (1 min. read)Arrow