Sentiment for the cannabis industry is at an all-time low. This has been driven by a long downtrend caused by a myriad of issues facing the industry; from oversupply in Canada to slow legislative movement in the US, the cannabis industry simply has had no news to cause the hype and hysteria which ensued back in 2017-2018. However, just as cannabis stocks (and their respective valuations) went well above and beyond anything that resembled reality, pessimism has now too gotten out of hand.
No sooner did Jeff Sessions attempt to derail the cannabis industry than he inadvertently lit a fire under it. Session's action drew broad criticism from Congressmen and women across the board. In fact, there was virtually zero support for Session's action to rescind the Cole Memo.
Last week, Attorney General Jeff Sessions hinted at a shift in marijuana enforcement, just weeks after signalling he would continue Obama era policy regarding cannabis law. This series of flip flopping left cannabis industry activists and investors alike dazed and confused. Considering the market is a psychological beast, speculation seemed to favor a substantial move lower in cannabis stocks for both US and Canadian stocks in the days following Session's comments .