The cannabis industry is awaiting the announcement of Trump’s Attorney General in great anticipation, as the momentum gained over the past months might come to a smashing halt.
The choice of Attorney General could become a make or break for the rocketing cannabis industry.
The Motley Fool comments on the possible outcome for the cannabis industry if Trump does decide to pick Alabama’s Republican Senator Jeff Sessions as the next attorney general of the United States.
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Momentum gained
Great momentum was gained on the marijuana front in the past election as eight out of nine states chose to legalize marijuana with California, Nevada, Massachusetts, and Maine legalizing recreational use, and Florida, Arkansas, and North Dakota legalizing medicinal use. Half of the states in the U.S. now recognize medical cannabis as legal for certain ailments when prescribed by a physician.
The percentage of Americans wanting to see cannabis legalized is up from 31% in 2000, to 60% according to Gallup, while according to CBS News, Americans in favor of medical cannabis being legalized stands at 84%.
The election also seemed to go in favor of the growing interest in the potential of the booming cannabis industry with Trump, but he is quite capable of changing his mind, as he did with Planned Parenthood and prosecuting Hillary. He has declared that he is 100% in favor of medical marijuana and has said that he would keep the current modus operandi of states regulating recreational use. In addition, he has said that he would like to see congress legalize medical cannabis.
This looks good for cannabis all round
…. Until multiple news sources announced Trump’s plan to nominate Alabama’s Republican Senator, Jeff Sessions, to be the next attorney general. If he does this, the tables will be turned, as investors zip up their purses and leave the scene…
There isn’t a fiercer opponent to marijuana legalization in the entire Senate than Sessions. His passion for wiping marijuana of the face of the earth has become legendary over the past three decades.
Sessions has said: “There is a 20% increase in the number of traffic deaths related to marijuana in certain states”, and on advocacy: “good people don’t smoke marijuana”. This is not promising news to say the least.
Should Sessions’ appointment be accepted, it could influence the involvement of federal government’s regulatory enforcement at state level. Worst case scenario: he could even impose federal laws on the states, and they would have to comply.
Game over
Cannabis is still a schedule 1 substance at federal level, federal government could enforce its superseding law, and states would have to oblige, demolishing every single marijuana business.
This train of thought is extreme, but extreme is what Sessions is about, and this could end in a train smash with the only stronghold being growing public support for marijuana.
What will become of the newly found cannabis industry?
Should Trump have his way, and marijuana gets rescheduled, there is another equally impeding outcome as the U.S. Food and Drug Administration (FDA) becomes the boss then, which implies very costly clinical studies to confirm medical benefits. These trials eliminate the small businesses with heart, and fuel big pharma with power and revenue. This might even turn out to be the biggest threat to the cannabis industry there has ever been.
Primary source: http://www.fool.com/investing/2016/11/27/trumps-pick-for-attorney-general-is-a-worst-case-s.aspx
