D.C.-based cannabis activists are preparing to press for federal legalization if Joe Biden wins the presidency and Democrats win a majority in the U.S. Senate. While the MORE Act is currently seen as the “primary vehicle” for legalization, several industry groups have proposed variations, some of which have been criticized for being too friendly to business interests.
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- “If the Democrats do a clean sweep, then descheduling with interstate trade is definitely within the realm of possibility,” said Randal Meyer, the executive director of the Global Alliance for Cannabis Commerce (GACC).
- This would be the industry’s “holy grail,” since it could resolve banking access, hated tax rule 280E, interstate trade and other issues.
- GACC has created a 66-page draft legislation that amounts to a dream bill for the industry.
- According to the story, sources say some MSOs favor a proposal that would keep cannabis as a schedule one drug in order to protect their market share in state markets.
- NORML political director Justin Strekal criticized that approach: “Unfortunately, some of the focus by industry actors is protecting the limited market access that currently exists over ending federal marijuana criminalization,” he said.
- Of course, neither a Biden victory nor Democratic control of the Senate is assured.
New Cannabis Ventures suggests the 2020 election could lead to more lasting gains for pot stocks than 2016.
- Also betting on a Biden win, some companies are preparing to go public.
Reuters
Quick Hits
- The U.S. Supreme Court declined to hear a challenge to federal prohibition.
WeedWeek - A new certification program for the industry aims to make it easier for companies to find banks to work with them.
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