Jan 4, 2018

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Cannabis stocks plunged on Thursday when Attorney General Jeff Sessions rescinded an Obama-era policy that helped states legalize marijuana with little to no law enforcement interference by the federal government, according to multiple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

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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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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 5,463,392 — Total deaths: 344,503 — Total recoveries — 2,195,325 — Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 1,653,904 — Total deaths: 97,948 — Total recoveries: 366,736 — Total tested: 14,163,915 — Map.
  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
  7. What should I do? Hydroxychloroquine questions answered — Traveling, asthma, dishes, disinfectants and being contagious — Masks, lending books and self-isolating — Exercise, laundry, what counts as soap — Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — How to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 1 hour ago - Politics & Policy

Italy reports lowest number of new coronavirus cases since February

Italy’s aerobatic team Frecce Tricolori fly over Milan in Duomo Square on May 25. Photo: Francesco Prandoni/Getty Images

The Italian government reported 300 new cases of coronavirus on Monday, the lowest daily increase since Feb. 29.

Why it matters: Italy, the first country in Europe to implement a nationwide lockdown after emerging as a hotspot in March, appears to have finally weathered its coronavirus outbreak. Italy has reported nearly 33,000 total deaths, the third-highest total behind the U.S. and U.K.

Go deeper (<1 min. read)Arrow2 hours ago - World

Joe Biden makes first public appearance in over two months

Photo: Oliver Douliery/AFP via Getty Images

Former Vice President Joe Biden made his first in-person appearance in over two months on Monday to honor Memorial Day by laying a wreath at a Delaware veterans park, AP reports.

Why it matters: Biden, the Democratic Party's presumptive nominee, has taken the unprecedented step of campaigning from his home during the coronavirus pandemic, ever since canceling a rally in Cleveland on March 10.

Go deeper (1 min. read)Arrow4 hours ago - Politics & Policy