President-elect Donald Trump has publicly supported medicinal legalization of cannabis products and indicated support for states' rights to set their own rules on adult use. Nevertheless, some investors fear that the fast-growing industry could suffer a setback with many of Trump's closest advisers having voiced opposition to legalization.
Some worry that U.S. Sen. Jeff Sessions of Alabama, nominated to be Trump's Attorney General, might, if confirmed, fight against the cannabis industry because of his earlier remarks, such as saying, "We need grown-ups in charge in Washington to say marijuana is not the kind of thing that ought to be legalized."
The alarmist view in the industry is that for the price of a few stamps, the new Attorney General could dispatch threatening letters to attorneys general of states now allowing adult cannabis use to let them know they are allowing the federal law to be broken.
However, regardless of the personal opinions of the head of the Justice Department, the Attorney General serves at the pleasure of the president, and Trump supports medical cannabis. Trump told Fox News Channel's "The O'Reilly Factor" in February, "Medical marijuana, medical? I'm in favor of it a hundred percent."
Battling the cannabis industry could be political suicide given the victories on Election Day. Voters in Florida, Arkansas, Montana and North Dakota approved ballot initiatives allowing or expanding access to medical marijuana for treating such things as cancer and glaucoma. And voters in California, Massachusetts, Maine and Nevada approved recreational use. That brings the total to 28 states and the District of Columbia that have legalized some form of marijuana use.