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Cannabis stocks plunged on a report that U.S. Attorney General Jeff Sessions is moving to revoke policies that allowed the legalization of marijuana to spread across several U.S. states — including California which is now the world’s biggest market for the drug.

Canada’s Canopy Growth Corp., the biggest pot company by market value, fell 17 per cent to $29.86 at 11:02 a.m. in Toronto, while Aphria Inc. plunged 19 per cent to $17.38. Scotts Miracle-Gro Co., the U.S. maker of lawn and garden products which has been expanding into fertilizers and lighting for cannabis, fell as much as 5.2 per cent, the biggest intraday drop in eight months. ETFMG Alternative Harvest ETF, the first pure-play pot ETF to be listed in the U.S., dropped 9.3 per cent.

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The Associated Press reported that Sessions is rescinding the Obama-era Cole Memo that allowed legalized marijuana to flourish in states across the U.S., citing two people with knowledge of the situation. The move, which comes just days after California began selling recreational pot, would leave it to U.S. attorneys where pot is legal to decide whether to aggressively enforce federal marijuana law.