The stock jumped more than 30% to US$139.18 in afternoon trading in New York.
Aurora Cannabis Inc (NYSE:ACB) shares rose 8% to US$8 while shares of Canopy Growth Corp (TSX:WEED,NYSE:CGC) added nearly 9% to US$46.27.
....We thank Attorney General Jeff Sessions for his service, and wish him well! A permanent replacement will be nominated at a later date.— Donald J. Trump (@realDonaldTrump) November 7, 2018
Sessions' chief of staff Matthew Whitaker will serve as acting attorney general.
The now-former attorney general has been a vocal opponent of marijuana legalization and was viewed as a major obstacle by cannabis advocates.
The Alabama senator rolled back guidelines put in place by the Obama administration, directing federal agents to prosecute drug criminals to the fullest extent of the law.
The senator was once quoted as saying “I thought those guys [the Ku Klux Klan] were OK until I learned they smoked pot.”
He later clarified that it was a joke, but few were laughing. The senator made the statement during the investigation of the death of a young black man named Michael Donald, murdered by the white supremacy organization in Mobile in 1981.
The midterm elections brought legalized recreational marijuana to Michigan and legalized medical marijuana to Missouri and Utah.
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Contact Lenore Fedow at [email protected]