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 Sessions, long outspoken against marijuana use, earlier this year rescinded a 2013 Obama-era memo directing federal prosecutors not to enforce the federal cannabis ban in states that had legalized it.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.
But some marijuana stock prices tumbled in mid-afternoon trading Thursday, perhaps a sign investors were buoyed more by Mr. Sessions’ firing than a belief the Justice Department will…