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Marijuana-Related Stocks Plummet

Several marijuana stocks saw double-digit declines hours after Jeff Sessions announced federal pot policy changes.

Posted: Jan. 5, 2018 3:46 AM
Updated: Jan. 5, 2018 3:46 AM

SAN FRANCISCO (AP) - Marijuana-related stocks plummeted, cannabis boosters worried about the industry's future and defiant growers and sellers vowed to keep operating after U.S. Attorney General Jeff Sessions signaled a tougher approach Thursday to federal pot enforcement.

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The plunging stock prices reversed a weeks-long rally driven by optimism for legal recreational sales that started Monday in California. Several marijuana stocks saw double-digit losses in the hours after Sessions' announcement, including the largest pot-producing company that is publicly traded.

Canopy Growth, a Canada-based company with the ticker symbol WEED, lost $3.58 a share, or 10 percent, to close at $32.32 on the Toronto Stock Exchange.

Shares of garden-supply company Scotts Miracle-Gro also skidded Thursday, following a steady rise last year after it added fertilizer, lights and other products to serve marijuana growers. The company's share price fell by as much as 7 percent before closing down 2.3 percent.

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