This last week in the cannabis world was one for the ages, and not just because of the election.

The midterm was certainly the main event, but a number of other things occurred in the cannabis reform arena and in the cannabis industry.

This week will go down in history as one of the most significant of all time.

Below are some of the highlights, and why they matter.

The 2018 election was a huge success

What happened: The 2018 election was a big election in many ways, and that includes cannabis reform.

Michigan became the 10th state to legalize cannabis for adult use and two more states legalized cannabis for medical use (Utah and Missouri).

The election also saw a number of local reform victories, and a whole host of pro-cannabis legislators and Governors being elected across the country.

Why it matters: The momentum for cannabis reform is at a historic level, and that was evident by the results on Election Day.

Cannabis reform is as popular as ever, increasing all the time, and reform is spreading. For a more in-depth analysis of the election’s impact on the future, check out our recent article!

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Pete Sessions loses

What happened: Outgoing Congressman Pete Sessions was defeated on Tuesday, which is likely to prove to be one of the most significant things to ever happen to federal cannabis policy.

Sessions had been using his position as Chairman of the House Rules Committee to block House floor votes on over three dozen cannabis-related amendments, including banking and veteran medical cannabis legislation.

Why it matters: With Sessions gone, the odds of federal cannabis reform occurring just increased dramatically.

That’s not to say federal reform will be automatic, but one of the biggest hurdles – if not the biggest hurdle to federal cannabis reform – was just voted out of office and that is absolutely worth celebrating.

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Jeff Sessions resigning

What happened: Jeff Sessions announced his resignation this week. Former Attorney General Jeff Sessions has long been one of the most passionate prohibitionists in the country.

Sessions will now be replaced, at least temporarily, by Matt Whitaker. Whitaker has expressed support for CBD in the past, but he's not exactly a champion for cannabis reform.

Why it matters: Matt Whitaker may not be leading the charge on federal cannabis reform, but he is at least an improvement from Jeff Sessions who obviously despised all things cannabis.

Whether Matt Whitaker shakes things up, or if he is replaced by someone who will, is yet to be seen. The safe play seems to assume that he will maintain the status quo, but only time will tell.

One thing that cannabis advocates need to keep an eye on is reports that Chris Christie is being considered as a replacement for Jeff Sessions. That would be awful!

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Cannabis stock spike

What happened: After the successful 2018 election, cannabis stocks spiked. Since the week also saw the resignation of Jeff Sessions, who has concerned cannabis investors since he was appointed, the momentum continued into Thursday.

Why it matters: The rise of the cannabis industry has been paralleled by the rise in support for cannabis reform, and that is likely not a coincidence.

The better the cannabis industry does, the more cannabis is accepted in society and seen favorably. All good news for investors.

The industry and reform movement are interlinked, and that will continue to be true in the future. Healthy cannabis stocks do a lot to push cannabis further into the mainstream.

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Cannabis industry legislation introduced in Mexico

What happened: Mexico’s Supreme Court recently ruled that cannabis prohibition of possession, consumption, and cultivation is unconstitutional.

That decision effectively legalized cannabis in Mexico, but it did not create a regulated industry. However, a measure to create a regulated industry was introduced this week by a key lawmaker.

Why it matters: Cannabis legalization for consumers is a great thing, but it must include a regulated system so that consumers can buy safe, regulated cannabis.

Canada and Uruguay already allow adult-use cannabis sales, and adding Mexico to the list would provide a huge boost to international cannabis reform efforts and put further pressure on the United States to get on the right side of history.

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Any cannabis highlights we missed this week? Feel free to add them in the comment section below!

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