National News - March 2021

 

Schumer Commits to Pot Reform, Pot Stocks Go Up

Washington, DC - Senate Majority Leader Chuck Schumer, and Senators Ron Wyden and Cory Booker, announced their intentions to make marijuana reform a primary focus.  “The War on Drugs has been a war on people - particularly people of color.  Ending the federal marijuana prohibition is necessary to right the wrongs of this failed war and end decades of harm inflicted on communities of color across the country.  But that alone is not enough. As states continue to legalize marijuana, we must also enact measures that will lift up people who were unfairly targeted in the War on Drugs.”  The trio pledged to present legislation within the coming weeks.

Following the statement, marijuana stocks saw an overall uptick, further increasing value above the initial increase due to the new administration.

With the removal of Mitch McConnel as Senate Majority Leader the odds of the bill passing are much more hopeful.  Jeffries analyst Owen Bennett was quoted by Market Watch as saying, “With cannabis legalization having overwhelming public bipartisan support, many Republican states already legalizing cannabis, potential tax revenue, and Schumer last week saying the newly planned bill already has support from ‘some Republicans’, we think (there’s) a strong chance of (it) advancing to Biden’s desk.” 

Big International Players Form U.S. Cannabis Council

United States - A global list of industry players have created the U.S. Cannabis Council (USCC).  Citing the urgency for a unified front in the fight for marijuana reform, and timed with the Senate announcement, the councils website states it’s mission as being, “..to build a future of legal access to cannabis delivered through an equitable and values-driven industry by advancing cannabis legalization at the federal and state level, and promoting restorative justice for communities harmed by cannabis prohibition.”  According to USCC CEO Steven Hawkins, “USCC is a unified voice advocating for the descheduling and legalization of cannabis.”

The founding members include a laundry list of organizations formed by big business, and big businesses, some of whom are not even based in the United States, such as: The American Trade Association For Cannabis and Hemp (ATACH), the Marijuana Policy Project, the Cannabis Trade Federation, the Global Alliance for Cannabis Commerce, Acreage Holdings, Canopy Growth, Columbia Care, Cresco Labs, Curaleaf, iAnthus Capital Holdings, Scotts Miracle-Gro Company, PharmaCann, Cannabis Voter Project, CanCore Concepts, Flowhub, Husch Blackwell, Jushi, PAX, WANA, Schwazze, Organa Brands, The Association for Cannabis Health Equity and Medicine, Cronos Group, 1906 New Heights, and Medmen, just to name a few. (full list can be seen at https://www.uscannabiscouncil.org/members).  

Americans for Safe Access, Drug Policy Alliance, Minority Cannabis Business Association, National Cannabis Industry Association, National Cannabis Roundtable, and NORML were not among the list of founders.