Hey Nerds: Blockchain
- Thread starter zeke
- Start date
CH1
The Artist Formerly Known as chiggins.
Christmas in July for Pot Stocks?
Senate Democrats Put Legalizing Marijuana on Legislative Agenda
Bill would remove marijuana from controlled substances list Vote could be a difficult one for Democrats in purple states
By Steven T. Dennis
(Bloomberg) -- Senate Majority Leader Chuck Schumer, Finance Chairman Ron Wyden and New Jersey Senator Cory Booker will release a discussion draft of their marijuana legalization bill at a press conference Wednesday, according to a person familiar with their plans.
The bill will be called the Cannabis Administration and Opportunity Act and is expected to remove marijuana from the federal list of controlled substances. The bill would also tax and regulate marijuana on the federal level, while leaving states able to enforce their own laws regarding the drug.
The senators’ proposal goes beyond mere decriminalization, which President Joe Biden said he supported during the campaign, and may be a difficult vote for some Democrats from more conservative states. But public sentiment has been building for legalization, with many states moving ahead of the federal government, including Schumer’s home state of New York.
Schumer has previously said he hopes to enact the legislation by next April 20, though he does not yet have the backing of the White House.
Cannabis companies and lobbyists for the industry have said that while they don’t yet know the contents of the upcoming legislation, they anticipate it may solve some of the biggest hurdles to cannabis legalization and help the U.S. industry’s profitability.
The bill may include wording that could reassure banks that they can work with cannabis companies on basic things like bank accounts and loans, and propose removing the tax known as 280E that has kept many companies from profitability. The bill could also include provisions that could make it possible for the companies that grow and sell marijuana in the U.S. to list on U.S. stock exchanges.
Other big hurdles the bill is expected to tackle are how to address minorities who’ve been arrested at disproportionate rates in the past for drug possession, and how cannabis will be regulated in terms of health and safety issues. Past proposals didn’t fully flesh out how agencies like the U.S. Food and Drug Administration might play a role, and hopes are high that Schumer’s bill will go into enough detail to resolve such issues.
The bill isn’t expected to open up interstate commerce; if it did, that would be a blow to many of the multi-state companies that have built up parallel growing and processing operations in multiple states.
--With assistance from Tiffany Kary.
Senate Democrats Put Legalizing Marijuana on Legislative Agenda
Bill would remove marijuana from controlled substances list Vote could be a difficult one for Democrats in purple states
By Steven T. Dennis
(Bloomberg) -- Senate Majority Leader Chuck Schumer, Finance Chairman Ron Wyden and New Jersey Senator Cory Booker will release a discussion draft of their marijuana legalization bill at a press conference Wednesday, according to a person familiar with their plans.
The bill will be called the Cannabis Administration and Opportunity Act and is expected to remove marijuana from the federal list of controlled substances. The bill would also tax and regulate marijuana on the federal level, while leaving states able to enforce their own laws regarding the drug.
The senators’ proposal goes beyond mere decriminalization, which President Joe Biden said he supported during the campaign, and may be a difficult vote for some Democrats from more conservative states. But public sentiment has been building for legalization, with many states moving ahead of the federal government, including Schumer’s home state of New York.
Schumer has previously said he hopes to enact the legislation by next April 20, though he does not yet have the backing of the White House.
Cannabis companies and lobbyists for the industry have said that while they don’t yet know the contents of the upcoming legislation, they anticipate it may solve some of the biggest hurdles to cannabis legalization and help the U.S. industry’s profitability.
The bill may include wording that could reassure banks that they can work with cannabis companies on basic things like bank accounts and loans, and propose removing the tax known as 280E that has kept many companies from profitability. The bill could also include provisions that could make it possible for the companies that grow and sell marijuana in the U.S. to list on U.S. stock exchanges.
Other big hurdles the bill is expected to tackle are how to address minorities who’ve been arrested at disproportionate rates in the past for drug possession, and how cannabis will be regulated in terms of health and safety issues. Past proposals didn’t fully flesh out how agencies like the U.S. Food and Drug Administration might play a role, and hopes are high that Schumer’s bill will go into enough detail to resolve such issues.
The bill isn’t expected to open up interstate commerce; if it did, that would be a blow to many of the multi-state companies that have built up parallel growing and processing operations in multiple states.
--With assistance from Tiffany Kary.
Preston
MBow30 alt account
Same story every year. Sell in March/April, take a break from stonks and return in July. This time we have potential legislation hype to boost us. My take is that this gets talked down to just SAFE and that passes in the fall. Seems like the people more connected than me have that opinion. SAFE is kinda needed and something that EVERYONE wants but Chuck is trying to get a bit more out of it.. Dems will not likely vote in favor of much more than SAFE. Which is a shame.
Preston
MBow30 alt account
Notice the slightly weaker Trulieve lately.. This is the reason I did not want to hold them throughout late June/July.
High profile trial begins this week.
High profile trial begins this week.
CH1
The Artist Formerly Known as chiggins.
buying opp for me if it sinks
Preston
MBow30 alt account
Deffo. My logic is that they usually run together anyway.. If there's added weakness once the trial picks up steam I'd rather not be holding. But I will no doubt buy any major weakness there. Execution risk is there now that they grabbed Harv, but if they do the Kim Rivers thing they're still not really valued like a real MSO.
Preston
MBow30 alt account
Weird close. Curaleaf went from 17.50 to 17.90 in the last literal second with a big buy. Trulieve and Cresco slid hard, while Thumb held strong. I don't know what to make of it but a sell the news on the bill "draft" introduction is probably my best guess anyway. It's not even the actual bill.. Just something for Chuck to be proud of and score political points before it pivots to SAFE.
