Market Overview

Jeff Sessions Resigns As Attorney General At Trump's Request

Jeff Sessions Resigns As Attorney General At Trump's Request

Following the midterm elections Tuesday, the White House experienced a switch in representation that goes beyond control of the Congress.

What Happened

Wednesday afternoon, Attorney General Jeff Sessions announced his resignation. CNN Senior White House Correspondent Jeff Zeleny tweeted the full letter.

In response to the news, President Trump took to Twitter to announce the new Acting Attorney General of the United States, Matthew G. Whitaker. “We thank Attorney General Jeff Sessions for his service, and wish him well! A permanent replacement will be nominated at a later date,” he added.

Why It’s Important

In congruence to recent events surrounding the Russia investigation, the opioid epidemic and fights over immigration, Sessions has been the target of attacks and pressure from President Trump.

This news additionally occurs at an integral time, as the election resulted in the Democratic party regaining control of the House. The Republican party retains control of the Senate, per the midterm results.

What's Next

Whitaker will oversee Mueller probe. Deputy Attorney General Rod Rosenstein will remain in place.

While the broad markets were little moved on the news, marijuana stocks continued their huge day. Sessions was a noted critic of marijuana reform.

At time of publication:

  • Tilray Inc (NASDAQ: TLRY) was up 27 percent
  • Canopy growth (NYSE: CGC) was up 5 percent
  • Cronos Group (NASDAQ: CRON) was up 7 percent
  • Aurora Cannabis (NYSE: ACB) was up 5 percent
  • Aphria Inc (NYSE: APHA) was up 3.2 percent.

Related Links:

Tariffs, Drug Prices, Legislative Gridlock: What Economists Are Watching Following The Midterms

Why Marijuana Was A Big Winner From The 2018 Midterms

Posted-In: Donald TrumpCannabis News Futures Politics Top Stories Markets General Best of Benzinga


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