The now former U.S. Attorney General Jeff Sessions was a thorn in the side of the cannabis industry for a long time.
For starters, he held direct authority over many of the federal agencies that enforce the federal government's prohibition on cannabis.
But it went deeper than that.
He was a very vocal opponent of the industry. His public threats caused several huge sell-offs of pot stocks in 2017. And he was clearly at odds with fellow cabinet members who saw cannabis as medicine.
His presence atop the federal law enforcement hierarchy kept a lid on the growth potential for cannabis companies. Entrepreneurs were hesitant to test the waters and even big institutional money managers shied away from any marijuana company listed on U.S. exchanges.
But then it happened.
Jeff Sessions, under extreme pressure from U.S. President Donald Trump, resigned within hours of the Nov. 7 elections. And cannabis stocks rocketed higher.
A major roadblock was gone, and now money is more likely to flow into cannabis stocks here, even before the United States moves toward full legalization. Even though we don't know the next attorney general's opinion on cannabis, at least since acting Attorney General Matt Whitaker hasn't revealed it yet, it's safe to say he'll be much less hostile than Jeff Sessions was.
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And the president, who already acknowledged the positive outlook for medical marijuana, said during a tarmac-side presser that he would sign certain pro-cannabis measures should they make it to his desk.
While the Sessions news was the surprise, at least for its timing, there are plenty more catalysts coming to the cannabis industry.
Here are three more we're keeping an eye on...
The Next Big Cannabis Catalysts
Federal cannabis legalization may still be a few years away, but the piecemeal movement by the states is still on the march.
That's fine with us because some of the uncertainties in regulation and consistency across state lines may actually be an opportunity for investors, according to Money Morning Director of Cannabis Investing Research Greg Miller.
As some of these uncertainties get resolved, we could easily see more stock price spikes in reaction. Miller says that these are the biggest:
- Two eastern U.S. states will soon approve recreational-use cannabis.
- The Farm Bill will pass Congress - and the president will sign it - further normalizing hemp as a crop like wheat or corn.
- The Medical Cannabis Research Act will pass Congress - and the president will sign it - requiring the Department of Justice to allow more domestic production of cannabis dedicated to research purposes.
But that is only the beginning of what the cannabis wave will bring.
For example, now that Jeff Sessions is gone, we can expect banking reform, which will allow cannabis companies access to the capital and commercial banking markets.
And the biggest event of all - the removal of THC-containing cannabis from Schedule 1 of the Controlled Substances Act - could come at a moment's notice. Miller thinks the industry could double in the blink of an eye at that point.
That's why it's still not too late to jump into this potentially lucrative market.
But you need to act quickly.
That's why we're making it easier than ever to get ahead of the crowd and start profiting from the cannabis revolution right now...