Thursday, January 4, 2018

Marijuana stocks plunge on U.S. plans

Cannabis stocks plunged Thursday after Attorney General Jeff Sessions rescinded an Obama-era policy that helped states legalize recreational marijuana, throwing a wet blanket on the fledgling industry. Even firms that don't do business in the United States saw their stocks tumble.

Aphria (APH.t - $19.03, market cap about $3-billion) has assets south of the border. Its interests in the U.S. have put the future of its stock listing on the Toronto Stock Exchange in doubt. The TSX says that any firm violating U.S. federal drug law is breaching its listings policies, even if those operations fall within the rules of a U.S. state.