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Cannabis stocks plunged on Thursday when Attorney General Jeff Sessions rescinded an Obama-era policy that helped states legalize marijuana with little to no law enforcement interference by the federal government, according to multiple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

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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Illinois rakes in $3.2 million on first day of legal marijuana sales

A food truck sits outside the Sunnyside Cannabis Dispensary as customers wait in line to buy marijuana, on Jan. 1. Photo: Kamil Krzaczynski/AFP via Getty Images

Illinois' first day of legalized marijuana sales resulted in more than 77,000 transactions, adding up to about $3.2 million, the Illinois Department of Financial and Professional Regulation said Thursday, per NBC's Chicago affiliate.

The big picture: According Chicago's mayor, the city alone is expected to take in nearly $3.5 million in pot tax revenue this year. That figure represents four months worth of revenue because tax collections do not start until September under state law. Illinois is the 11th state in the U.S. to legalize recreational cannabis, with more planning to put the issue on the ballot in 2020.

Go deeper: Illinois governor pardons 11,000 pot convictions ahead of Jan. 1 legalization

Cannabis firms fuming over exclusion from CES

Photo: Courtesy of Keep Labs

Last year, the big controversy at CES was over an exhibit from a sex toy company. This year, it is cannabis-tech companies that are crying foul.

Why it matters: Although there are a wide range of electronics shown at CES, critics say that whole categories are unfairly excluded.

Go deeperArrowJan 7, 2020

Teen drug use in 5 stats

Drug use among teenagers is dropping, according to new federal statistics published in JAMA on Wednesday. Fewer teens are abusing prescription drugs, alcohol and cigarettes.

Between the lines: Marijuana use is steady overall, but has shifted from smoking to vaping — and vaping THC products can be dangerous.

Go deeperArrowDec 18, 2019