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posted by martyb on Saturday April 14 2018, @10:44AM   Printer-friendly
from the outlook-is...-hazy dept.

President Trump has promised Senator Cory Gardner of Colorado that he will support states that choose to legalize cannabis, despite rescinding the Cole Memo earlier in the year. In exchange, Gardner will stop holding up the confirmation of Trump's Department of Justice nominees:

"Since the campaign, President Trump has consistently supported states' rights to decide for themselves how best to approach marijuana," Gardner said in a statement. "Late Wednesday, I received a commitment from the President that the Department of Justice's rescission of the Cole memo will not impact Colorado's legal marijuana industry. Because of these commitments, I have informed the Administration that I will be lifting my remaining holds on Department of Justice nominees," Gardner added.

The Washington Post first reported the development, and the White House confirmed on Friday Gardner's statement was accurate.

In January, Attorney General Jeff Sessions revoked the Cole Memo, Obama-era guidance designed to discourage prosecutors from targeting states that have legalized marijuana. The move provoked an outcry from marijuana friendly states, including Gardner's Colorado, in which the marijuana industry has flourished since 2000. Angry that Sessions had reneged on his pledge to leave marijuana states alone, Gardner promised to block all DOJ nominations, pending a resolution. Since then, he has held up about 20 Justice nominations, the Washington Post reported.

The news caused a surge in the stocks of some cannabis companies.

Meanwhile, former Speaker of the House John Boehner, who was "unalterably opposed" to legalization of cannabis back in 2011, has now evolved and is seeing green. Boehner announced that he has joined a board of advisers for Acreage Holdings, a cannabis corporation operating in 11 states. Is it a "watershed moment" for the industry?

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  • (Score: 2) by archfeld on Sunday April 15 2018, @06:52PM

    by archfeld (4650) <> on Sunday April 15 2018, @06:52PM (#667358) Journal

    :) I've been vaporizing with a homemade system since before California had medicinal, and part of a coop in Oakland for going on 20 years now. I regularly grow from clones at my place in the SF bay area, but here in AZ they are not so enlightened yet. My point was that despite the states legal standing, until the Feds do something as a commercial grower you can't deal with a bank or any federal institution. Oaktown has a huge cash storage issue. Financing for the initial build out of the Oaktown grow houses had to be done in cash and there is still an issue with what do with the profits. You can't secure a business loan for expansion because no bank will deal with you for fear of federal retribution. There is still the issue of retroactive federal taxation should things change for the better soon. You can't file for incorporation or any legal standing outside of the state and you can't legally transport or deal with any entity out of state. I understand Colorado and Washington have a great up and coming markets and are developing a thriving pot culture but neither has yet to reach the peak of the Trinity area in Northern California, where they have been experimenting with strains and growing method for 30 years now.

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