The Washington Post has broken news that could be the most important political change for the cannabis industry to date, suggesting that Senator Cory Gardner (R: CO) has struck a deal with President Trump regarding the rights of states to regulate cannabis. While there is no final deal, the Senator, who has been blocking Department of Justice nominations, suggest that his discussions with other senators will yield a bill that would permanently address the issue of federal enforcement.
President Trump has promised a top Senate Republican that he will support congressional efforts to protect states that have legalized marijuana — defusing a months-long standoff between Sen. Cory Gardner and the administration over Justice Department nominees.
While progress across the country has been substantial for the industry, the uncertainty at the federal level, with Jeff Sessions rescinding the Cole Memo earlier this year, has been a substantial overhang. Cannabis stocks are rallying sharply on this developing story.