Democracy Wins! Is Weed Next?
A week that no one in the US will ever forget as Washington DC is the site for Trump's last stand, but what does that do for the cannabis movement? President Elect Joe Biden officially wins the election after the Electoral College votes are tabulated after violence erupts in the Nation's capital. Weed Talk News looks ahead to 2021, and back at 2020 as the Green Rush continues in the USA. Democrats go 2 for 2 in Georgia to take control of the Senate, and now the stage is set for some movement on the legalization or at least decriminalization front. Cannabis Stocks soar and Debra Borchardt from the Green Market Report has that story. Solomon Israel from MJBiz Daily's International bureau with the Canadian report, and Phil Adams from Vote Pro Pot Cast with the DC Report. Weed Talk News takes a look at the week in cannabis news with Weedbudz Radio's Ry Russell and Jimmy Young from Pro Cannabis Media.
January 8, 2021
Jimmy Young from Pro Cannabis Media, and Ry Russell from Weedbudzradio in Maine report on this week’s news events and their effect on the cannabis industry.
The transfer of power is confirmed, president elect joe biden will be taking over for the current president Donald J. Trump on january 20th. America is great again, because it survived the last 4 years. Now the cannabis industry awaits what this new administration will do with this amazing plant that has been part of the political conversation during the pandemic where it became an essential part of the economy in legal states. Thanks to the runoff elections in Georgia, democrats will be in control of both houses of congress. Their platform included federal decriminalization but while that might take awhile.
The first ripples of this change are felt in the cannabis stocks.
Cannabis stocks have been climbing every since president elect bidens victory this part november and now With the conclusion of Georgia's senate run off process, cannabis stocks soared on Wednesday as investors expect the new administration to keep its promises to decriminalize cannabis federally and With the industry eagerly awaiting some potential new policies,
Some of the top stories in 2020 regarding the cannabis industry included over a billion dollars in sales in new legal states, one billion dollars in tax revenue in old states like colorado, and a 6 ballot question win on election day with 4 more states adopting adult use legalization.
As we continue to hope for federal change, it is still up to the states and in the state of New York, Governor Andrew Cuomo, has proposed legalization for the 3rd straight year. Except this time, proponents of legalization in New York can point to significant deficits as a need to legalize and use tax revenue to help balance some budgets that could use much assistance. With some experts saying that New York is positioned for a $63 billion shortfall over the next few years.
Wellness Connection in Maine has opened another lawsuit stating that the state's residency requirement for participation in Maine’s medical marijuana program violates their constitutional rights. They have fought this fight before and because they received a favorable ruling in the case for the Adult use market they are challenging now the merits of the residency requirements for the medical program, showcasing just some of the inconsistencies between the two markets, here in Maine and in Massachusetts.
There is a bill in the senate that would help address concerns facing hemp farmers including raising the THC limit to 1%. This ruling would allow the USDA to address other farmer related challenges but the one that has been front and center has been this arbitrary definition of hemp: which is most simply put as being a cannabis plant that possesses less than .3% thc which as we all know is very low. Increasing this limit would reduce the amount of hemp that does not meet this legal criteria and therefore has to be properly disposed of.
These stories and more from Debra Borchardt from the Green Market Report in New York and MJBIZ Daily International’s Solomon Israel with the Canadian Report on the layoffs at Aurora. Phil Adams from the Vote Pro Potcast with the DC Report and the incoming pick for Attorney General by the new Biden Administration. All on this week's Weed Talk News.