Attorney General Jeff Sessions issued a memo on April 5, 2017, outlining the mission of the U.S. Department of Justice’s Task Force on Crime Reduction and Public Safety, including the creation of a subcommittee to review marijuana enforcement policies.
While the reference to marijuana enforcement policies was only one of many points made in the memo, it did not go unnoticed by public market participants. On April 6, the U.S. Marijuana Index dropped 2.5% for the day, with 15 of the 20 companies down by market closing.
While this isn’t a significant drop, it is the U.S. Marijuana Index’s largest one-day decrease since its drop of 4.5% on February 24, the day after White House Press Secretary Sean Spicer announced that the Trump Administration would carry out “greater enforcement” of federal marijuana laws.