Cannabis stocks plunged on Thursday when Attorney General Jeff Sessions rescinded an Obama-era policy that helped states legalize marijuana with little to no law enforcement interference by the federal government, according to multiple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

Go deeper

Gulf Coast braces for Zeta after storm strengthens into hurricane

Hurricane Zeta's forecast path. Photo: National Hurricane Center

Louisiana Gov. Gov. John Bel Edwards (D) declared a state of emergency Monday as Zeta strengthened into a hurricane and threatened Mexico's Yucatan Peninsula as it moved towards the U.S. Gulf Coast.

The state of play: Zeta was expected to make landfall on the northern part of the Yucatan Peninsula Monday night, bringing with it a "dangerous storm surge" and "heavy rainfall" as it moved into the Gulf of Mexico, the National Hurricane Service said.

Updated 38 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. World: Restrictions grow across Europe.
  6. Media: Fox News president and several hosts advised to quarantine.

Supreme Court rejects request to extend Wisconsin absentee ballot deadline

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court in a 5-3 decision Monday rejected an effort by Wisconsin Democrats and civil rights groups to extend the state's deadline for counting absentee ballots to six days after Election Day, as long as they were postmarked by Nov. 3.

Why it matters: All ballots must now be received by 8 p.m. on Election Day in Wisconsin, a critical swing state in the presidential election.