President Trump Backs Sessions’ Reversal of Cannabis Protections

White House press secretary Sarah Huckabee Sanders addressed Attorney General Jeff Sessions’ recent announcement to rescind the Cole Memo which protects states with legal cannabis. Sanders answered questions including if President Donald Trump supports the decision to drop cannabis protections, which she affirmed.

“Does President Trump see marijuana as a states issue or a federal issue?” a reporter asked.

“The president believes in enforcing federal law,” Sander replied. “That would be his top priority, regardless of what the topic is, whether it’s marijuana or whether it’s immigration. The president’s position hasn’t changed, but he does strongly believe that we have to enforce federal law. The move that the Department of Justice has made — which, my guess is, what you’re referencing — simply gives prosecutors the tools to take on large-scale distributors and enforce federal law.  The President’s position hasn’t changed, but he does strongly believe that we have to enforce federal law.”

There are plenty of large-scaled distributors that rely on their business, which may explain a panicked cannabis stock selloff that was ignited by Sessions’ announcement. Cannabics Pharmaceuticals, Medical Marijuana, United Cannabis, GreenGro Technologies, MassRoots and mCig all crashed between 25% and 30% in the hours after the announcement.

According to Think Progress, Trump’s position has changed 180 degrees, according to a 2016 interview with Eric Singer. “Marijuana is a state’s rights issue,” Trump said, which contradicts Sander’s statements on Jan. 4. During the 2016 campaign trail, it appeared that Trump was supportive of state cannabis laws.

It’s currently unclear how the reversal of the Cole Memo will affect cannabis businesses in states that allow them.