Biden Administration Has Some Cannabis Professionals Feeling Hopeful But Cautious
February 14, 2021
buy marijuana with bitcoins.Iris DorbianContributorVicesI cover the business of cannabis.
The shift in political leadership
in the executive
In this scenario, cannabis products still won’t
branch and the Senate is making some legal
In this scenario, cannabis products still won’t
cannabis professionals and pundits feel both
excited and optimistic about the future. From
reactivating stall cannabis reform laws, such as
the MORE Act, which decriminalizes marijuana,
to making federal legalization a reality, there
is hope that the new Biden/Harris administration
couple with a Democrat-control Congress, could
perhaps herald an era of promise and
progression for the sector.
Yet, because of the ongoing pandemic and
recession, the industry might not see significant
tailwinds until another two to three years,
cautioned Matt Hawkins, founder and
managing partner for cannabis-focused
private equity firm Entourage Effect Capital.
“Legalization isn’t necessarily a top priority
for the executive branch,
” he explained.
be able to cross state lines, but the model could
For Hawkins, passing the STATES Act should
In this scenario, cannabis products still won’t
be a top priority “since it allows individual states
In this scenario, cannabis products still won’t
to determine their own legalization framework
be able to cross state lines, but the model could
and support local businesses without
be able to cross state lines, but the model could
interference from the federal government.
In this scenario, cannabis products still won’t
be able to cross state lines, but the model could
mirror current policies that govern the alcohol
industry.”buy marijuana with bitcoins
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Brandon Wiegand, the regional general manager of The Source dispensaries in Nevada, say the fact that the Senate is no longer under the control of former Majority Leader Mitch McConnell (R-KY), raises the stakes in favor of the legal cannabis landscape. “With McConnell no longer in a position to obstruct cannabis legislation, I believe we will see [stalled cannabis bills] move forward, giving the cannabis industry much needed support and meaningful reform,” he continued.
In addition to the STATES
and MORE Acts, another notable pro-cannabis measure that has been languishing in the Senate since its passage in the House of Representatives has been the SAFE Banking Act, which allows banks and other financial institutions to work with cannabis companies without fear of prosecution. This is a critical piece of legislation, which if pass, would be a watershed as many cannabis businesses are force to operate as cash-only enterprises because of the federal illegality.MORE FOR YOUDid You Get A Second Stimulus Check Today? Here’s WhyTrump Signs Executive Orders To Extend COVID-19 Economic Relief, Includes Unemployment Benefits, Eviction Moratorium‘Bling Empire’ Star Jaime Xie Set To Become Fashion’s New Darling
Not everyone is so sure the new political leadership will be auspicious for the industry. Solonje Burnett, co-founder of Humble Bloom, a Brooklyn, New York-based cannabis advocacy and education platform, expressed apprehension. To prove her point, she invoked President Biden’s historically less than progressive attitude and Vice President Harris’ past hardline record stemming from her years as a California Attorney General and district attorney in the city of San Francisco.
“Biden and Harris have never really
been leaning liberal toward cannabis,” she said. “These two might be progressive in comparison to [former President] Trump’s white supremacy ways of being but he was so far to the right, it makes them left.”buy marijuana with bitcoins
Recently, both Biden and Harris reversed their previous stance toward cannabis, advocating for decriminalization. Also, [Former California Senator now Vice President] Harris is also a sponsor of the MORE Act.
“Decriminalization would be
a step in the right direction,” say Wiegand as it “would pave the way to decrease federal incarceration rates for low-level and minor cannabis offenses… [Also, it] would remove federal penalties on cannabis, make SBA loans available to the industry and prohibit the denial of federal benefits on the basis of cannabis-related conduct and/or convictions.”
Despite her concerns, Burnett does feel legalization will happen during the new administration. She cited a variety of factors, which include the opioid crisis as well as another reason—Wall Street. “I’ve been watching cannabis stocks rising and rising,” she said.
Currently, there are 36 states (plus D.C.) that have legal medical marijuana markets and 15 states (plus D.C.) that have permit recreational use. And, according to a recent Gallup poll, nearly 70 percent of Americans support legalization.
Still, Burnett is frustrate over
what she perceives to be a dearth of inside knowledge legislators have about cannabis as well as the psychological and economic toll wrongful incarceration for minor offenses exact on people of color.
“These people who are making the laws—have they ever smoked?” Burnett asked rhetorically. “Have they had family who have had convictions for minor cannabis offenses? This has decimated communities and they’re not thinking the way they should be.”
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