Sessions Wont Be Able to Slow This Train
It has been one month after Attorney General Jeff Sessions officially rescinded The Cole Memo (which encouraged local governments to de-prioritize the use of funds to enforce cannabis prohibition under the Controlled Substances Act towards a more laissez-faire, hands-off approach) and the sky hasn’t fallen.
So, what does it really mean for the industry? There are a variety of opinions on this question, but my initial response to investors and financial backers is, “it’s not good but I wouldn’t panic”. Having had a few hours to assess the situation I am even less concerned than before.
Most in the industry and others who follow politics know that Sessions has been systematically repealing policy of previous administrations for several weeks now and the Cole Memo had been spared but was a likely candidate to follow suit. No real surprise here.
This effectively gives powers to the State Attorney General office holders (which they already had
before) to prosecute criminals who violate Federal Law. The Cole Memo was a policy, not a law and as such Attorney’s General was not required to follow it before.
Enforcement of federal crimes still requires funds and resources to implement. Those remain restricted under the Rohrabacher – Blumenauer bill, which is also in Jeopardy but has managed to stay alive in the tax bill and Government funding bill that currently is set to expire January 19. If this bill is not renewed it could be a bigger issue for the industry but still not fatal by any means. If the bill does get renewed the DOJ still has no funds to prosecute crimes.
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