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Marijuana stocks jump after Jeff Sessions resigns

Cannabis leaf on heap of hundred dollar bills

NEW YORK — Stock prices for cannabis businesses jumped on Wednesday after Jeff Sessions resigned as Attorney General of the United States following months of criticism from President Donald Trump.

Canada-based Tilrary skyrocketed more than 30 percent while shares of Canopy Growth, Cronos and Aurora Cannabis soared nearly 10 percent.

Marijuana stocks were also boosted as Michigan voted to legalize recreational marijuana, making it the 10th state to do so. Missouri and Utah became the latest states to approve it for medical use.

Sessions has been a vocal opponent of legalizing pot in the United States and, earlier this year, revoked Obama-era protections for states, including Colorado, that have broadly legalized marijuana.

The Cole Memo that Sessions revoked generally protected states with legal marijuana industries from federal law enforcement.

“You’re happy if you’re long the cannabis stocks. He was the biggest roadblock to broadening that out to a national conversation,” Art Hogan, B. Riley FBR chief market strategist, told CNBC.

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