Marijuana stocks surged Wednesday after longtime cannabis opponent Attorney General Jeff Sessions was ousted from the Department of Justice.
Mr. Sessions, long outspoken against marijuana use, earlier this year rescinded a 2013 Obama-era memo directing federal prosecutors not to enforce the federal cannabis ban in states that had legalized it.
MJ, an exchange-traded fund that tracks the performance of legal marijuana, companies shot up 7.1 percent Wednesday, before closing at nearly $37.00 per share.
Meanwhile, shares of Tilray, a Canadian cannabis grower, jumped 34 percent, reaching $139.60 per share.
The departure of Mr. Sessions may not have been the only factor boosting weed stocks. Michigan on Tuesday became the 10th state to legalize recreational pot and Democrats took control of the House of Representatives.