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Pot Stocks Plunge on Report U.S. to Rescind Expansion Policy

  • Move would follow launch of recreational use in California
  • ‘Sessions wanted to take some of the enthusiasm away’
Bloomberg business news

Sessions Said to Kill Policy That Ushered in Legal Weed

Updated on

Cannabis stocks plunged on a report that U.S. Attorney General Jeff Sessions is moving to revoke policies that allowed the legalization of marijuana to spread across several U.S. states -- including California, which is now the world’s biggest market for the drug.

Canada’s Canopy Growth Corp., the biggest pot company by market value, fell 17 percent to C$29.86 at 11:02 a.m. in Toronto, while Aphria Inc. plunged 19 percent to C$17.38. Scotts Miracle-Gro Co. , the U.S. maker of lawn and garden products which has been expanding into fertilizers and lighting for cannabis, fell as much as 5.2 percent, the biggest intraday drop in eight months. ETFMG Alternative Harvest ETF, the first pure-play pot ETF to be listed in the U.S., dropped 9.3 percent.